Online sellers who embrace PayPal as their main payment platform are in luck. The company has announced a game-changing new service called “Pay with Crypto.” This isn’t just another crypto feature; it’s designed to slash the high costs and complexities of international payments. It could potentially cut your cross-border transaction fees by a massive 90%.
PayPal’s “Pay with Crypto” aims to unlock the potential of cryptocurrencies for global payments
Starting in the coming weeks, US merchants will be the first to access this solution. “Pay with Crypto” brings together cryptocurrency transactions, digital wallet support, and seamless conversion to fiat currency or PayPal’s own PYUSD stablecoin. This means businesses can tap into a global crypto user base of over 650 million and the thriving $3+ trillion digital asset market, accepting payments from over 100 cryptocurrencies. The list includes popular ones like Bitcoin, Ethereum, Solana, USDT, and USDC. It even extends to some notable “meme-tier tokens.”
The real kicker for merchants is the fee structure: a mere 0.99% per transaction for the first year. This is significantly less than what traditional credit card networks typically charge for international payments. The tech isn’t just about saving money; it’s about speed. PayPal promises near-instant access to your earnings, eliminating those frustrating multi-day settlement delays and allowing for faster payouts to vendors and freelancers. Plus, merchants can hold funds in PYUSD and potentially earn up to a 4% yield.
Part of a larger company effort
This new initiative aligns with PayPal’s broader vision to integrate digital assets into mainstream commerce. They’ve recently partnered with Fiserv to boost stablecoin adoption globally. The firm also launched “PayPal World,” a platform connecting some of the world’s largest digital wallets for effortless international transactions.
PayPal’s CEO, Alex Chriss, emphasized that “Pay with Crypto” aims to remove barriers for businesses looking to grow globally. It’s a big step towards making cryptocurrencies a practical tool for everyday transactions, not just speculation.
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