PayPal’s “Pay with Crypto” service now supports over 100 cryptocurrencies and integrates with major crypto wallets like MetaMask and Binance.
The global payments colossus has introduced a payment method that enables U.S. merchants to conduct transactions in over 100 cryptocurrencies through some of the largest crypto wallets, with fees reduced by up to 90%, according to the company.
Pay with Crypto will be accessible to merchants in the United States shortly, as the press release indicates.
PayPal asserts that the innovative offer will encompass 90% of the $4 trillion crypto market capitalization. Over 100 distinct currencies will be available, including stablecoins like USDT and USDC, memecoins, and giants such as Bitcoin, Ethereum, Solana, BNB, and XRP.
Furthermore, Pay with Crypto will support several prominent wallets, with additional options to be added in the future. This list comprises Coinbase, OKX, Binance, Kraken, Phantom, MetaMask, and Exodus.
PayPal claims that the new solution reduces transaction costs by up to 90% compared to international credit card processing, with a transaction rate of 0.99%.
“The PayPal team is simplifying cross-border commerce for merchants by establishing a unique connection between digital wallets, cryptocurrencies, and merchants worldwide.”
According to them, merchants reap numerous advantages by providing more payment options. Some of these include attracting additional customers, supporting global expansion, improving efficiency and speed, reducing fees, and earning rewards for PYUSD on PayPal.
“Pay with Crypto taps into a global base of more than 650 million crypto users,” the announcement concludes.
PayPal Plans to Expand ‘Pay with Crypto’ Globally
As mentioned, PayPal will impose a 0.99% transaction fee on merchants. Fortune Crypto, citing Frank Keller, an executive vice president, reports that this promotional fee for the first year will increase to 1.5%.
The report indicates that this is less than the 1.57% average rate that U.S. businesses paid to credit card companies in 2024.
In the interim, the executive clarified that users can connect their current wallets to a purchase page to finalize a transaction. The crypto will be transferred to a centralized or decentralized exchange, contingent upon the wallet, where PayPal will sell it, convert it into PYUSD, and subsequently into USD, which the merchant will receive.
Additionally, the organization is contemplating additional expansion. By the report:
“PayPal plans to expand the ability for merchants to accept crypto to larger enterprise customers in the U.S. and globally, but a spokesperson declined to provide a timeline.”
Per PayPal’s most recent announcement, cross-border fees result in billions of dollars in business losses worldwide.
“Alex Chriss, President and CEO of PayPal, stated that businesses of all sizes encounter enormous challenges when expanding globally, including complex integrations and increased costs associated with accepting international payments.”
“The business can increase its profit margins, pay lower transaction fees, receive near-instantaneous access to proceeds, and grow funds stored as PYUSD at 4% when held on PayPal by utilizing PayPal’s open platform,” he asserts.
Meanwhile, on July 23, PayPal initiated PayPal World, a “series” of partnerships with five key digital wallets, commencing with the interoperability between PayPal and Venmo.
Chriss asserts, “By facilitating seamless cross-border crypto payments, we are busting down long-standing barriers in global commerce.” “These advancements do not merely simplify payments; they also stimulate merchant expansion, broaden consumer options, and decrease expenses.” He concluded, “This is the future of borderless, inclusive commerce.”
