The "Checkout with Crypto" will allow customers to convert digital currencies to fiat at checkout. It will automatically appear if the user has a sufficient cryptocurrency balance to cover the eligible purchase, the company said.
"As the use of digital payments and digital currencies accelerates, the introduction of Checkout with Crypto continues our focus on driving mainstream adoption of crypto currencies while continuing to offer PayPal customers choice and flexibility in the ways they can pay using the PayPal wallet," CEO Dan Schulman said.
PayPal Holdings Inc. announced earlier in March, that it will acquire Curv, a cryptocurrency security firm from Tel Aviv.
The payments company said that the purchase, which is expected to close in the first half of 2021, will help "accelerate and expand its initiatives to support cryptocurrencies and digital assets."
"The acquisition of Curv is part of our effort to invest in the talent and technology to realize our vision for a more inclusive financial system," PayPal's VP Jose Fernandez da Ponte said in the press release.