PayPal and Visa allow their users to deal with their daily transactions in cryptocurrencies.
We have seen that the adoption of cryptocurrencies is rapidly growing. In recent times, financial payment services have begun to allow digital currencies to be used for daily use and to hold crypto assets.
Elon Musk, who has been one of the biggest crypto enthusiasts, recently announced that his EV firm will also accept Bitcoin as payment for Tesla cars. Now, PayPal and Visa, both the payment services giants have announced that they will support the use of crypto assets.
We already knew that PayPal was in line to support cryptocurrencies in form of payment. Now, with the recent announcement, US users can do just that with its “Checkout with Crypto” feature.
As per Reuter, PayPal is set to move one step forward in opening crypto accounts for users. The US consumers will now be able to pay at millions of its online merchants globally. With this move, we can foresee the future of e-commerce built upon digital payments.
Users holding cryptocurrencies including Bitcoin, Ethereum, Bitcoin Cash, and Litecoin in PayPal digital wallets will be able to convert their holding into fiat currencies to make online purchases. The company believes that it will be serving almost 29 million merchants on its platform. For the first time, we will see digital assets used as smoothly as credit and debit cards online.
Moreover, Visa is also ready to roll the crypto plan soon. Visa will allow the use of digital coin, USD Coin, for transaction payment. This is another big acceptance of crypto in the mainstream payment world.
While telling Reuters, Visa Inc. mentioned that it has launched its pilot program with payment and crypto platform Crypto.com. The financial services corporation intends to offer more partners in the second half of this year.
The USD Coin (USDC) is a stable coin that is pegged again the US Dollar. Visa’s step toward crypto adoption is one of the most highly anticipated decisions of the present. We can see how finance firms are attracted towards cryptocurrency including BlackRock, Mastercard, and BNY Mellon. The companies have realized that cryptocurrencies are a great investment opportunity and more than that a better payment processing system.
Elon Musk’s is an inflection figure in the world business and investors keenly follow him, whether it’s the stock market or crypto market. Last week, Musk said that customers can buy its electric vehicles with bitcoin. This is a great push for cryptocurrencies and we will see more companies adopting crypto in the future.
This move from Musk is a strategic move for investment and from this Tesla can make double the amount of money with the sale of EVs. Because Tesla will not fix the price of Bitcoin against the price of the car in USD. It will be just like a free-floating exchange rate.
Bitcoin (BTC), the crypto deity is trading just over $59K and heading back towards a record-high of $61K. The future awaits much hyped and highly forecasted Bitcoin prices.