PayPal enables crypto payments for merchants via 'Pay with Crypto'; details

Global online payment services provider PayPal has further extended its support for cryptocurrencies with the launch of its new feature, 'Pay with Crypto.' This feature enables merchants to connect to a crypto market worth over $3 trillion by allowing instant crypto-to-stablecoin or fiat currency conversion, the company announced in a press release.

 

"Pay with Crypto," PayPal said, will be available to US merchants in the coming weeks.

 

The service supports transactions across more than 100 cryptocurrencies and popular wallets such as Coinbase and MetaMask. This solution aims to expand revenue opportunities for merchants and taps into a global user base of more than 650 million crypto users. With a transaction fee of just 0.99 per cent, Pay with Crypto reduces international payment processing costs by up to 90 per cent compared to traditional credit card payments.

 

 

"Businesses of all sizes face incredible pressure when growing globally—from increased costs for accepting international payments to complex integrations. Today, we are removing these barriers and helping businesses of every size achieve their goals," said Alex Chriss, president and CEO of PayPal.

 

"Imagine a shopper in Guatemala buying a special gift from a merchant in Oklahoma City. Using PayPal's open platform, the business can accept crypto payments, increase profit margins, pay lower transaction fees, gain near-instant access to proceeds, and grow funds stored as PYUSD at 4 per cent when held on PayPal," Chriss explained.

 

According to the release, the 'Pay with Crypto' feature, powered by PayPal, will cover 90 per cent of the global $3+ trillion crypto market cap, supporting payments with over 100 cryptocurrencies, including BTC, ETH, USDT, XRP, BNB, SOL, USDC, and more. It also allows integration with major wallets such as Coinbase, OKX, Binance, Kraken, Phantom, MetaMask, and Exodus, with additional wallets to be supported in the future.

 

This announcement follows last week’s unveiling of PayPal World, a global partnership uniting five of the world’s largest digital wallets on a single platform.

 

About PayPal

PayPal is a global online payment system that enables individuals and businesses to send and receive money electronically. It offers a secure platform for online transactions, providing buyer protection and various payment options. PayPal connects users’ bank accounts, credit cards, and balances, facilitating fast and secure online fund transfers. Operating in around 200 markets, PayPal allows users to send and receive money worldwide. The platform employs advanced encryption and security protocols to safeguard users’ financial information and offers comprehensive tools for businesses to manage their online payments.