The relevant payment will be settled in legal tender, the companys customers will pay the cryptocurrency, the merchant will receive the legal tender, and Paypal will be responsible for the conversion process.
PayPal said the digital cryptocurrencies that initially supported online settlement payments included bitcoin (BTC), Ethereum (ETH), bitcoin cash (BCH) and letcoin (LTC).
Bitcoin prices rose, while other beneficiary digital currencies rose and fell.
As one of the worlds largest payment service providers, PayPal had 346 million active accounts in the second quarter of 2020, and handled $222 billion of transactions in the quarter.
Paypal will work with the cryptocurrency platform Paxos to provide related services. The company has obtained the relevant digital currency trading license from the New York State financial services regulator.
In addition to using cryptocurrency for currency payment, PayPal users can also purchase cryptocurrency directly through the companys app. Paypal will have a cryptocurrency wallet that will make it easy for corporate customers to buy, sell and hold cryptocurrencies.