PayPal is bringing its pay with cryptocurrency offering to merchants, with the fintech giant’s feature going live with initial support for over 100 cryptocurrencies.
Summary
- PayPal has launched “Pay with Crypto” solution as it looks to bolster crypto payments.
- The platform will support top cryptocurrencies, including Bitcoin and Ethereum, as well as stablecoins Tether and USDC.
- Rollout goes live for U.S. merchants in the coming weeks.
In an announcement, PayPal said “Pay with Crypto” aims to bring crypto payments mainstream and to transform cross-border commerce for merchants.
The platform, which goes live for U.S. merchants first in the coming weeks, will power near-instant settlement for international transactions, with users who tap into the offering set to save up to 90% in fees. PayPal will allow merchants to benefit from instant conversion of crypto to stablecoin or fiat.
Which cryptocurrencies does “Pay with Crypto” support?
PayPal plans to connect merchants to the near $4 trillion crypto market, and will support more than 100 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL).
Merchants will also accept payments in leading stablecoins such as Tether (USDT) and USDC (USDC).
“Businesses of all sizes face incredible pressure when growing globally, from increased costs for accepting international payments to complex integrations. Today, we’re removing these barriers and helping every business of every size achieve their goals,” said Alex Chriss, president and chief executive officer at PayPal.
Integration with Coinbase, MetaMask
Pay with Crypto will support major crypto platforms, including Coinbase, OKX, Binance, and Kraken.
The solution also connects to leading wallets such as Phantom, MetaMask, and Exodus. Merchants signing up to the feature will have the opportunity not just to attract the more than 650 million cryptocurrency users, but also to expand their potential revenue margins.
“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 for payments, increase their profit margins, pay lower transaction fees, get near instant access to proceeds, and grow funds stored as PYUSD at 4% when held on PayPal,” Chriss added.
PayPal’s solution adds to the growing traction for cryptocurrencies, particularly stablecoins. The company recently revealed a collaboration with payments platform Fiserv to bring stablecoin payments to the global business community.
Another major partnership saw PayPal teaming up with Venmo and other digital wallets to launch PayPal Word. The initiative looks to go beyond simplifying payments, with a focus on merchant growth, cost reduction, and expansion of the payment options available to consumers.