SAN JOSE, CA—PayPal announced Monday the launch of “Pay with Crypto,” a new service aimed at enabling merchants to accept cryptocurrency payments and significantly reduce transaction fees for cross-border commerce. The company stated the initiative seeks to simplify international transactions and connect businesses to the growing digital currency market.
The new service facilitates instant conversion of cryptocurrencies to stablecoin or fiat currency, supporting transactions across more than 100 cryptocurrencies and various digital wallets, including Coinbase and MetaMask. PayPal claims the solution can decrease transaction costs by up to 90% compared to international credit card processing, with a stated transaction rate of 0.99%.
PayPal President and CEO Alex Chriss highlighted the financial benefits for businesses. “Businesses of all sizes face incredible pressure when growing globally, from increased costs for accepting international payments to complex integrations,” Chriss said in a statement. He added that the platform allows businesses to “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.”
The company frames “Pay with Crypto” as an advancement in its mission to integrate digital currencies into a unified payment platform. It aims to offer consumers more payment options while expanding global growth opportunities for merchants. U.S. merchants will be able to accept crypto payments, with the ability to send low-cost payments to freelancers and vendors using PYUSD.
Chriss also referenced the recent launch of “PayPal World,” a partnership involving five major digital wallets, stating it “fundamentally reimagining how money moves around the world.” He added, “By enabling seamless cross-border crypto payments, we’re breaking long-standing barriers in global commerce.”
“Pay with Crypto,” which covers an estimated 90% of the $3+ trillion crypto market cap, will be available to U.S. merchants in the coming weeks. Supported cryptocurrencies include Bitcoin (BTC), Ethereum (ETH), Tether (USDT), XRP, Binance Coin (BNB), Solana, and USD Coin (USDC). Compatible wallets include Coinbase, OKX, Binance, Kraken, Phantom, MetaMask, and Exodus, with more expected to be added.
Photo by RODNAE Productions from Pexels
