PayPal has launched 'Pay with Crypto,' a new feature enabling U.S. merchants to accept payments in over 100 cryptocurrencies, including Bitcoin, Ethereum, and Solana. This initiative aims to simplify cross-border transactions and reduce associated fees.
The 'Pay with Crypto' service allows merchants to receive payments in various cryptocurrencies, which are automatically converted into PayPal's stablecoin, PYUSD, or U.S. dollars at checkout. This process mitigates the volatility typically associated with digital currencies, providing a stable transaction experience for both merchants and customers.
By integrating with major crypto wallets such as Coinbase, MetaMask, Binance, and Kraken, PayPal facilitates seamless transactions between crypto users and merchants. The service is designed to support a wide range of cryptocurrencies, covering a significant portion of the global crypto market.
Merchants adopting this service can benefit from transaction fees as low as 0.99%, significantly reducing costs compared to traditional international credit card processing fees. This reduction is particularly advantageous for businesses engaged in cross-border commerce, where transaction fees can be substantial.
PayPal's 'Pay with Crypto' feature is expected to be available to U.S. merchants in the coming weeks, marking a significant step in the company's efforts to integrate digital currencies into mainstream commerce.