PayPal now allows payment for goods and services with cryptocurrency, with a twist: Merchants receive cold, hard, American cash, less PayPal’s standard merchant fee. Starting with U.S. customers and merchants, the global payment-processing firm’s new “Checkout with Crypto” provides the most mainstream conduit to convert value in bitcoins and three other digital currencies into government-backed dollars to complete purchases.
“What I love about this for the consumer is that their crypto holdings are just like any other funding instrument inside the PayPal wallet, whether it be your credit card, your debit card, your balance that you may have. . . . You just select whatever funding source you want,” says PayPal CEO Dan Schulman. He conducted the first official purchase, buying a pair of cowboy boots, part of his trademark look. The rollout begins today and will expand to all U.S. customers over the next few weeks.
The hype train for buy now, pay later (BNPL) continues to pick up steam as consumers seek shopping alternatives during the pandemic – could this emerging payment option be a credit card killer?
While flexible payments are something that all generations can get behind, younger consumers in particular are drawn toward simple payment processes and behavioral shifts away from traditional credit cards.
As a way to better understand usage, experiences, and trust surrounding BNPL, The Strawhecker Group (TSG) surveyed over 1,500 U.S. consumers in February. Check out some highlights below and download the infographic to get a better understanding of why consumers are choosing BNPL.