PayPal has introduced ‘Pay with Crypto,’ enabling U.S. businesses to accept over 100 cryptocurrencies, including Bitcoin and Ethereum, aiming to reduce transaction fees for merchants.
This initiative may reshape payment systems, leveraging PayPal’s PYUSD for conversions, potentially altering business transaction dynamics.
PayPal has introduced “Pay with Crypto,” a service to expand cryptocurrency payments.
This article discusses PayPal’s latest move to enhance crypto payment systems, including its implications on transaction fees and merchant operations.
PayPal Introduces Over 100 Crypto Acceptance
PayPal has launched “Pay with Crypto,” a new service that enables U.S. businesses to accept over 100 cryptocurrencies. This initiative, leveraging PayPal’s stablecoin PYUSD, aims to reduce transaction fees for merchants.
Alex Chriss, President and CEO of PayPal, leads this expansion, noting the company’s 25+ years in payments. The service allows crypto payments to be converted instantly to PYUSD and USD, delivering funds to merchants in seconds.
“Building on our 25+ years in payments, we let users link their wallet, pay with any token, convert it instantly to PYUSD, and deliver USD to merchants in seconds. The result? Merchants pay less in fees and can instantly use funds.” – Alex Chriss, President and CEO, PayPal
Transaction Fees Slashed to 0.99% for Merchants
This service offers lower transaction fees, set at 0.99%, compared to traditional credit card fees of 1.5%–3.5%. Merchants benefit from faster fund access, enhancing their financial operations and potentially encouraging crypto adoption.
Analysts predict increased crypto adoption in the business sector, highlighting reduced fee structures. The use of PYUSD for conversions also suggests potential stability in merchant settlements and a boost in stablecoin utilization.
2020 Crypto Services Expansion Now Supports 100+ Assets
In 2020, PayPal allowed U.S. users to buy, sell, and hold Bitcoin and Ethereum. The inclusion of over 100 assets marks a significant expansion, contrasting earlier ventures by Visa and Mastercard with fewer supported assets.
Experts from Kanalcoin highlight this move as a pivotal moment in crypto acceptance. By offering competitive transaction fees and broad asset support, PayPal may influence merchant preferences towards integrated crypto payment systems.
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