PayPal introduced a solution enabling American merchants to accept payments in over 100 cryptocurrencies with conversion to fiat or the PYUSD stablecoin.
The team behind the electronic payment system PayPal unveiled Pay with Crypto, a new service allowing U.S. businesses to receive payments from customers in BTC, ETH, USDT, XRP, BNB, SOL, USDC, and other digital assets.
The new payment service is integrated with popular crypto wallets such as Phantom, MetaMask, and Exodus, as well as crypto exchanges including Coinbase, OKX, Binance, and Kraken. The solution supports over 100 different cryptocurrencies and enables instant conversion of received digital assets into fiat or PYUSD, PayPal’s stablecoin launched in 2023. The conversion fee is only 0.99%, significantly lower than standard international fees on credit and debit cards. For example, Visa card fees start at a minimum of 1.75% per transaction.
According to PayPal, businesses lose billions annually to international banking fees. Pay with Crypto aims to eliminate these costs by providing merchants with instant access to funds and flexibility in currency settlement.
Alex Chriss, President and CEO of PayPal, noted that the new service also allows merchants to hold their proceeds in PYUSD, earning 4% annual interest when stored in PayPal accounts. Chriss believes Pay with Crypto will enable companies of any size to start accepting cryptocurrencies and also make payments to freelancers and contractors using PYUSD.
PayPal previously launched PayPal World, an initiative that unites the largest global payment systems and digital wallets to simplify international financial transfers.
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