PayPal is launching a service that allows businesses to accept payments in over 100 cryptocurrencies.
Available to all US merchants, Pay with Crypto will enable customers to pay using popular cryptocurrencies such as Bitcoin and Ethereum, as well as stablecoins like USDC, and wallets including Coinbase and MetaMask. Payments made in crypto will automatically convert to fiat or stablecoin.
This service, set to roll out in the coming weeks, aims to simplify cross-border commerce for merchants and significantly reduce transaction fees by up to 90% compared to credit cards.
Alex Chriss, CEO of PayPal, remarked: “Imagine a shopper in Guatemala buying a special gift from a merchant in Oklahoma City. Using PayPal’s open platform, the business can accept crypto payments, enhance profit margins, benefit from lower transaction fees, gain near-instant access to proceeds, and grow funds stored as PYUSD at 4% when held on PayPal.”