tl;dr
PayPal is launching "Pay with Crypto," a new payment option allowing U.S. online merchants to accept over 100 cryptocurrencies, including Bitcoin, Ethereum, and others. Covering 90% of the crypto market, it supports wallets like Coinbase and MetaMask, with more integrations planned. The feature redu...
Leading payments giant PayPal is taking a bold step to bring cryptocurrency into the mainstream with its new digital assets payment option called “Pay with Crypto.” This innovative feature will enable online merchants to accept payments in over 100 different cryptocurrencies, including major ones like Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Ripple (XRP), Binance Coin (BNB), Solana, and USD Coin (USDC).
Set to launch for U.S. merchants in the coming weeks, “Pay with Crypto” covers an impressive 90% of the $3 trillion crypto market capitalization. It also supports wallet connections from popular platforms like Coinbase, OKX, Binance, Kraken, Phantom, MetaMask, and Exodus, with plans to integrate more wallets in the future.
PayPal highlights significant benefits for merchants using this crypto payment solution. Notably, it can reduce transaction fees by up to 90% compared to traditional credit card fees, enabling merchants to authorize cross-border payments more efficiently. Alex Chriss, President and CEO of PayPal, emphasized how this technology removes barriers for businesses of all sizes to grow globally by simplifying international payment processes and lowering costs.
Imagine a shopper in Guatemala buying a gift from a merchant in Oklahoma City—through PayPal’s open platform, the merchant can accept crypto payments, improve profit margins, pay lower fees, receive proceeds almost instantly, and even grow funds stored as PayPal’s stablecoin, PYUSD, which offers a 4% to 5% yield when held on the platform.
The system promises near-instant conversion from crypto to stablecoins or fiat currency, enhancing convenience for merchants and customers alike. By connecting to major wallets such as Coinbase Wallet and MetaMask, PayPal aims to build inclusivity and accessibility within the evolving digital payment ecosystem.