The short answer is simply - Yes.
You will have to turn ON the ALI (Automatic Logo Insertion) preference from your PayPal account. When you activate the Automatic Logo Insertion (ALI) preference, PayPal will automatically be added as an accepted payment method on all of your active eBay listings. You can activate ALI from your PayPal Profile. Log on to your PayPal account and click the Profile subtab. Then, on the Auctions link in the Selling Preferences column. The rest is self-explanatory.