Since March 30, the American payment system PayPal has made it possible to pay with cryptocurrency at retail outlets. The company spoke about this possibility back in 2020, when customers from the United States were able to make transactions with digital assets through the service. Users will be able to transfer Ethereum, Bitcoin, Litecoin to fiat money at 29 million merchants that are PayPal partners. Dan Shulman, chief executive officer of the company, says that for the first time, users of the system can use cryptocurrency as a credit or debit card.
Analysts consider the innovation in the PayPal system as the next step towards the adoption of digital currencies as a means of payment. Experts are confident that ApplePay and GooglePay may soon make such a decision. This assumption is reinforced by Apple’s leadership’s favor for cryptocurrencies and the brand’s integration with BitPay. In addition, the news affected the bitcoin rate, almost instantly raising it to the level of $59.3 thousand and approaching the historical maximum of $61.8 thousand. The chart below shows the changes in the price of Bitcoin associated with the introduction of updates in the PayPal system.
A week earlier, Tesla announced the possibility of buying cars for cryptocurrency. However, this payment option can only be used by U.S. customers, whereas PayPal’s innovation allows for the use of digital money in retail outlets around the world. The opportunity to buy a Tesla car for cryptocurrency will become available to buyers from other countries during 2021. At the same time, the company has no plans to convert digital money into fiat money.
Also recall the payment system Visa, which was the first of the major services to make cryptocurrency transactions available. The company transferred USDC Stablecoins using the Ethereum blockchain. Until then, the payment system had only available transactions with fiat money.