PayPal has introduced a new 'Pay with Crypto' feature aimed at streamlining and reducing costs for international payments for businesses.
New 'Pay with Crypto' Feature
The 'Pay with Crypto' feature allows U.S. businesses to accept payments in over 100 different cryptocurrencies, including Bitcoin, Ethereum, USDT, XRP, and Solana. Payments will automatically convert into stablecoins such as PYUSD or fiat currency.
Simplifying International Payments
Conventional international payments often carry high credit card fees, currency conversion fees, and delays from banks. This new feature provides a fixed 0.99% transaction fee, allowing merchants to reduce payment processing costs by up to 90%. This is a significant benefit for businesses that sell internationally.
Supporting the Crypto Economy
PayPal provides vendors access to over $3 trillion in the crypto economy, connecting them with more than 650 million crypto users worldwide. It supports major crypto wallets such as Coinbase, MetaMask, and Binance. According to PayPal CEO Alex Chriss, this feature is designed to help businesses grow faster by simplifying the challenges of global expansion.
The 'Pay with Crypto' feature from PayPal represents a significant step toward simplifying international transactions, facilitating market expansion, and increasing access to cryptocurrencies for businesses.