PayPal has launched "Pay with Crypto," a new service enabling U.S. merchants to accept payments in over 100 cryptocurrencies, including Bitcoin, Ethereum, and Solana. This initiative aims to streamline cross-border transactions and reduce associated costs.
The service allows customers to pay using various digital wallets, such as Coinbase and MetaMask. Payments are automatically converted into PayPal's stablecoin, PYUSD, or U.S. dollars at the point of sale, mitigating cryptocurrency volatility for merchants.
Merchants are charged a transaction fee of 0.99%, which is lower than traditional credit card processing fees. This feature is currently available to U.S. merchants, excluding those in New York State.
PayPal's move into cryptocurrency payments reflects the growing acceptance of digital currencies in mainstream commerce and offers businesses a new avenue for global transactions.