The recent initiation of the ‘Crypto Checkout Service’ helps the current PayPal users to buy, store & sell cryptocurrency. The facility explicitly encourages bitcoin transactions directly from the user accounts. And by introducing this service, another international company acknowledges the future of cryptocurrency.
“PayPal’s Crypto Checkout Service holds multiple cryptocurrencies” (Source – The Verge)
USA-based PayPal Holdings Inc. owns an online payment system across the world. It’s one reliable online money transferring platform against conventional electronic systems. By the end of March 2021, the company launched a crypto-based service.
And it appeared as a great move to boost digital asset utilization for everyday commerce. The offering actually made PayPal one major mainstream financial company promoting crypto.
Current PayPal CEO Dan Schulman spoke to Cointelegraph in detail regarding the crypto’s future.
“Dan Schulman sounded optimistic on PayPal’s crypto service” (Credit – Forbes)
Schulman expects to reach a $200 million mark for the crypto volume within months. He sounds optimistic about its chances with 375 million customers to have digital wallets. And already, there are 30 million active merchants on the platform.
Of course, it may seem unorthodox to many critics and users to certain extents. It took 13 months for Coinbase Commerce to reach that milestone. However, a mere 8000 retailers were to use the platform for making online payments.
Therefore, it seems entirely possible for the company to reach the milestone with the numbers. Not to mention, PayPal alone had a total payment volume of $247BN in 2020’s Q3.
The upcoming years are likely to witness a peculiar transformation in digital payments. In fact, the current system is rapidly moving towards digital currencies. And it particularly involves the continuous evolution of cryptocurrencies.
Schulman predicted changes in the next five years will surpass the previous alterations. Whether it’s crypto or digital bank currency – the potential comes with tremendous promise.
He believes in further payment utility and inclusive financial support through digital currency. And PayPal is likely to include users to remain excluded from the established system.
As it happens, people require bank accounts to receive money from the government. It’s exclusively applicable for low-income Americans to expect allowance or payoffs. And the process often takes too long to become a financial burden.
So PayPal’s crypto offerings through the ‘Crypto Checkout Service’ can stand as a viable solution.
No matter what, Schulman sounded pretty confident in a positive, practical & profitable future. And PayPal wallet holders should start expecting more cryptocurrencies on the balance sheet.