PayPal Introduces ‘Pay with Crypto’ for US Merchants
Revolutionizing Cryptocurrency Payments
In a groundbreaking development for the cryptocurrency sector, PayPal, a leader in global payments, has introduced a new digital asset payment service. This feature, dubbed ‘Pay with Crypto,’ is poised to facilitate crypto transactions across a wide array of digital currencies, enhancing the payment landscape for US merchants.
Empowering Global Commerce with Cryptocurrency
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Alex Chriss, President and CEO of PayPal, emphasized the transformative potential of this service, stating, “Businesses of all sizes encounter significant hurdles when expanding internationally, from the escalating costs of processing international payments to the complexity of integrations. Our new service dismantles these obstacles, empowering businesses to achieve their aspirations.”
Diverse Cryptocurrency Support
The ‘Pay with Crypto’ service allows users to link their wallets, such as Coinbase or Metamask, to PayPal accounts to make payments using more than 100 different cryptocurrencies. The supported selection extends beyond staple coins like Bitcoin and Ethereum, including unique options like TRUMP and FARTCOIN, as highlighted in a recent Fortune report.
How It Works
When a customer initiates a transaction in a supported cryptocurrency, PayPal converts the digital asset through exchanges such as Coinbase or decentralized platforms like Uniswap. The converted funds are then channeled into PayPal’s own stablecoin, PYUSD, before being settled as US Dollars and delivered to the merchant.
Cost-Effective Transactions
For the first year of service, PayPal is offering a significantly reduced transaction fee of 0.99%, which represents a cost reduction of up to 90% compared to traditional international credit card processing. After the inaugural year, the fee is expected to rise to 1.5%, as reported by Fortune.
Breaking Barriers in Global Payments
With this innovation, PayPal is not only simplifying payment processes but also fostering merchant expansion, enhancing consumer options, and minimizing costs. This initiative is a continuation of PayPal’s commitment to integrating digital assets into its offerings, following last year’s feature enabling US businesses to manage cryptocurrencies directly from their accounts.
Future Expansion Plans
Initially, the ‘Pay with Crypto’ service will be available to merchants in the United States, with plans for broader availability in the future. However, a precise timeline for this expansion has not yet been disclosed.
Current Bitcoin Market Status
As of the latest updates, Bitcoin maintains a trading value of approximately $118,600, marking a stable price point over the past week.
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