PayPal has announced the launch of its new service 'Pay with Crypto,' enabling U.S. businesses to accept over 100 different cryptocurrencies. This initiative aims to reduce transaction fees for merchants.
Launch of 'Pay with Crypto' Service
PayPal has introduced a new service that allows U.S. businesses to accept over 100 cryptocurrencies, including Bitcoin and Ethereum. This offering utilizes PayPal's stablecoin PYUSD for instant conversion of cryptocurrencies into U.S. dollars, allowing merchants to receive funds in seconds.
Alex Chriss, President and CEO of PayPal, noted: "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. The result? Merchants pay less in fees and can instantly use funds."
Reduced Transaction Fees for Merchants
This new service offers lower transaction fees set at 0.99%, compared to traditional credit card fees ranging from 1.5% to 3.5%. This will allow merchants to gain faster access to funds, potentially encouraging wider crypto adoption in the business sector. Analysts predict that reduced fee structures may significantly enhance the popularity of cryptocurrencies among entrepreneurs.
Expansion of PayPal's Crypto Services
In 2020, PayPal allowed U.S. customers to buy, sell, and hold Bitcoin and Ethereum. Now, with the addition of over 100 different assets, the company is making a significant step forward, standing out compared to other payment systems like Visa and Mastercard, which support fewer cryptocurrencies. Experts believe this decision could mark an important moment in cryptocurrency acceptance in commercial exchanges due to competitive fee structures and a broad range of supported assets.
The launch of the 'Pay with Crypto' service by PayPal signifies an important step in the development of cryptocurrency payments for businesses, offering new opportunities for reducing merchant costs and increasing transaction speed.
