PayPal Launches ‘Pay With Crypto’ Feature for Businesses in Push To Reduce Transaction Costs by 90%
Leading payments giant PayPal is seeking to bring crypto to the mainstream with its latest digital assets payment option.
In a new announcement, PayPal introduces the world to “Pay with Crypto,” a digital assets payment option that will allow online merchants to accept over 100 different cryptocurrencies.
“Pay with Crypto, powered by PayPal, will be available to U.S. merchants in the coming weeks. Covering 90% of the $3+ trillion Crypto Market Cap, Pay with Crypto offers the ability to pay with 100 cryptocurrencies including BTC, ETH, USDT, XRP, BNB, Solana, USDC and many others and connect wallets including Coinbase, OKX, Binance, Kraken, Phantom, MetaMask, and Exodus with more to come.”
According to PayPal, its new crypto solution will allow merchants to authorize cross-border payments while reducing transaction fees, as compared to credit card fees, by as much as 90%.
Says Alex Chriss, President and CEO of PayPal, about the financial giant’s next steps into crypto,
“Businesses of all sizes face incredible pressure when growing globally, from increased costs for accepting international payments to complex integrations. Today, we’re removing these barriers and helping every business of every size achieve their goals.
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 for payments, increase their profit margins, pay lower transaction fees, get near instant access to proceeds, and grow funds stored as PYUSD at 4%5 when held on PayPal.”
The platform promises to allow instant crypto to stablecoin or fiat conversion and will connect to major wallets, such as Coinbase Wallet and MetaMask.
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