PayPal introduces cryptocurrency payment option for merchants to incorporate digital currencies into their transactions
PayPal Revolutionizes Global Commerce with "Pay with Crypto"
PayPal, a leading name in digital payments, has launched a groundbreaking service called "Pay with Crypto". This innovative solution is designed to integrate cryptocurrency payments into global commerce, aiming to connect merchants with the vast $3+ trillion crypto market and tap into a global base of over 650 million crypto users [1][2][3].
The service allows a shopper in Guatemala to buy from a merchant in Oklahoma City using cryptocurrency. It supports major cryptocurrencies such as BTC, ETH, and USDT, as well as popular digital wallets like Coinbase and MetaMask [3].
PayPal's service fundamentally reimagines how money moves around the world. By instantly converting cryptocurrencies to a stablecoin or fiat currency, it reduces cross-border transaction costs for businesses. Merchants can accept over 100 cryptocurrencies and receive settlement in their preferred currency without handling crypto volatility [1][2][3].
The service offers a fixed 0.99% transaction fee, which can reduce processing costs by up to 90% compared to traditional international credit card fees [2]. Additionally, it provides near-instant payment settlements, reducing friction and high fees traditionally associated with cross-border payments, helping merchants expand globally more cost-effectively [1][2][3].
Alex Chriss, President and CEO of PayPal, is proud to lead these innovations in global commerce. He believes that PayPal's open platform removes barriers for businesses of all sizes, enabling global growth [2].
Last week, PayPal launched "PayPal World", a global partnership connecting five major digital wallets. This initiative aims to simplify payments and drive the future of inclusive, borderless commerce [4]. PayPal has also partnered with Fiserv to expand the use of stablecoins globally [1].
Moreover, merchants can earn interest by holding proceeds in PayPal’s stablecoin PYUSD. This adds further incentives to adopt this payment method [2][3][4].
In summary, PayPal’s "Pay with Crypto" service reduces cross-border costs by using blockchain-based crypto-to-fiat conversions, lowering transaction fees dramatically, and offering instant settlement. It expands merchant access to the vast global crypto user base and integrates with existing wallet ecosystems to simplify international commerce [1][2][3][4].
[1] PayPal's "Pay with Crypto" Service: A Game-Changer for Global Commerce [2] PayPal Unveils "Pay with Crypto": A New Era for Global Payments [3] PayPal's "Pay with Crypto" Service: Empowering Merchants for Global Growth [4] PayPal World: Simplifying Payments and Driving the Future of Inclusive, Borderless Commerce
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