Mainstream Cryptocurrency Use Expands as PayPal Cuts Fees by 90% in New Payment Option
PayPal Embraces Cryptocurrency with "Pay with Crypto" Service
PayPal has announced the rollout of its new service, "Pay with Crypto," allowing U.S. merchants to accept over 100 cryptocurrencies, including Bitcoin, Ethereum, and Solana, for payments. This move is part of PayPal's broader strategy to mainstream cryptocurrency usage in commerce.
The service, which started rolling out on July 28, converts crypto payments instantly into PayPal's stablecoin PYUSD or fiat currency, providing near-instant settlement and significantly reducing international transaction fees by up to 90% compared to traditional credit card processing.
Key features of "Pay with Crypto" include support for more than 100 cryptocurrencies, integration with popular crypto wallets such as Coinbase, MetaMask, Binance, Kraken, OKX, Phantom, and Exodus, connecting merchants to a crypto user base of over 650 million. Merchants who adopt the service will pay a transaction rate of 0.99%, significantly lower than the average of 1.10%-3.15%.
Merchants can store funds in PYUSD, PayPal's native stablecoin, with a current rewards rate of 4% annually. The service also supports seamless cross-border transactions and aims to simplify global commerce by bridging crypto and fiat payments under a unified platform.
PayPal's new service follows the recent launch of "PayPal World," a service connecting various global payments services. OKX cryptocurrency exchange has also integrated PayPal services to boost transactions in its European market.
Market conditions can change rapidly, and readers are encouraged to verify information and consult with a professional before making decisions based on the content. This article is a part of the "Cryptocurrency News" and "News" sections.
Please note that this article is committed to providing unbiased and transparent reporting, but it should not be taken as financial or investment advice. The Pay with Crypto service will be available to US merchants in the coming weeks, and PayPal's native stablecoin, PYUSD, launched on the Arbitrum network with $100,000 weekly limits on July 16.
Sources: [1] PayPal Press Release: [Link] [2] CoinDesk: [Link] [3] The Block: [Link] [4] PayPal Investor Relations: [Link] [5] PayPal World Press Release: [Link]
Technology plays a crucial role in PayPal's new "Pay with Crypto" service, enabling instant conversion of crypto payments into stablecoin PYUSD or fiat currency, and integrating with popular crypto wallets for seamless transactions. This service underscores PayPal's commitment to leveraging technology to mainstream cryptocurrency usage in commerce.
