Hassan Maishera
TL;DR
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PayPal has launched a new service that allows merchants in the United States to accept over 100 cryptocurrencies.
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This new feature connects shoppers' crypto wallets and allows them to spend their digital assets while the merchants receive U.S. dollars.
PayPal Unveils Crypto Feature for U.S. Merchants
Digital payments giant PayPal announced on Monday that it is launching a service that would allow U.S. merchants to accept over 100 cryptocurrencies in payment for purchases. This latest development comes as the company aims to cut cross-border fees.
PayPal calls the feature Pay with Crypto and revealed that it would be available in the coming weeks. The feature enables shoppers to use crypto wallets like MetaMask and Coinbase at checkout. Payments can be made with cryptocurrencies such as Bitcoin, Ether, XRP, and stablecoins like USDC and USDT.
While commenting on this latest development, Alex Chriss, President and CEO, PayPal, said,
"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."
PayPal will charge a 0.99% service fee, some 90% less than international credit card processing.
This latest development comes as PayPal intensifies its efforts in the crypto space, including the launch of its U.S. dollar stablecoin (PYUSD).
