PayPal has announced the launch of a new service enabling U.S. merchants to accept over 100 cryptocurrencies, including Bitcoin and Ethereum. This initiative improves cryptocurrency utility and reduces costs for businesses.
PayPal's Expansion into Cryptocurrency
PayPal has officially announced a new service enabling U.S. merchants to accept payments in over 100 cryptocurrencies. This move represents a significant expansion in PayPal's payment processing capabilities, allowing for broader crypto integration.
Reduced Transaction Fees and Cryptocurrency Price Risk
The introduction of 'Pay with Crypto' significantly lowers transaction fees for merchants, set initially at 0.99%, which is lower than conventional credit card fees. Alex Chriss, PayPal's CEO, remarked:
> 'Our transaction fee model is designed to offer a competitive advantage compared to traditional credit card processing.'
The service offers seamless conversion to USD, mitigating cryptocurrency price risk and simplifying cross-border transactions.
Enhancing Stablecoin Adoption
This service may significantly enhance stablecoin adoption and usage within the broader cryptocurrency ecosystem. PayPal's integration with major tokens indicates a readiness for scalable global commerce. Alex Chriss affirmed the strategic vision by stating:
> 'Building on our 25+ years in payments, we let users link their wallet, pay with any token, convert it instantly to PYUSD, and deliver USD to merchants in seconds.'
With the launch of the new service, PayPal confirms its commitment to advancing digital payment solutions by reducing costs and expanding global commerce opportunities.
