PayPal launches a new cross-border payment platform, connecting 2 billion users worldwide.
American payment giant PayPal announced on Wednesday (7/23) plans to launch a new platform called 'PayPal World' this fall, connecting domestic digital wallets to its global network of billions of users. The system will allow users in India UPI, China WeChat Pay, and Brazil Mercado Pago to transact overseas with PayPal or Venmo merchants without needing to open new accounts or use credit cards.
Image source: X/@PayPal PayPal announced plans to launch a new platform called 'PayPal World' this fall.
PayPal President and CEO Alex Chriss stated: "Cross-border transfers are extremely complex, and this platform aims to simplify this process for nearly 2 billion users." Although the system does not rely on blockchain or tokenized assets, it offers many of the same features as stablecoins, such as quick settlement and currency conversion.
Once the platform is launched, it will support in-store, online, and peer-to-peer transactions, with initial efforts focusing on interoperability between wallets and integration with existing merchant bases. PayPal stated that the platform 'is prepared for the future of commerce', citing use cases such as AI-driven shopping and agent-driven wallet transactions, and added that digital payment systems will play a crucial role in delivering these experiences.
SEC ends investigation paving the way for expansion, $PYUSD multi-chain layout accelerates.
Last month, PayPal expanded the functionality of $PYUSD to the Solana blockchain, in addition to the existing availability on Ethereum, and announced plans to launch on Stellar.
This expansion comes after the company gained crucial regulatory breathing room. In April, the SEC concluded its 15-month investigation into $PYUSD, a decision that removed a significant obstacle as PayPal began expanding its stablecoin business across multiple blockchains.
In one section of the document, PayPal claims that the platform will 'support updated technologies over time', including dynamic payment interfaces and stablecoins. This overlap may be a concern for cryptocurrency builders, as it implies that traditional companies may achieve similar results without relying on open, permissionless infrastructure.
Industry opinions are divided, with traditional payments and crypto innovations each having their advantages.
Regarding whether PayPal World constitutes a 'stablecoin killer', industry experts have differing views. Gitay Shafran, founder of $FUSD issuer The Fedz, stated to foreign media (Decrypt): 'It may not necessarily be a stablecoin killer, but a bridge between traditional fiat systems, rather than a leap into the future of currency.'
Others view it as a validation of the issues stablecoins aim to address. Andrei Grachev, managing partner of the synthetic dollar protocol Falcon Finance, stated that while the platform 'raises the standards for fiat payments', it will still rely on 'traditional correspondent banking channels, currency spreads, and proprietary settlement processes.'
In contrast, stablecoins have 'particularly valuable advantages for small payments, cross-chain exchanges, and areas where traditional banking is slow or unavailable,' Grachev added. This perspective highlights the fundamental differences between traditional payment systems and cryptocurrency innovations.
PayPal did not respond to questions about how the World platform fits into its broader crypto strategy. However, the company is simultaneously advancing traditional cross-border payment solutions and blockchain-based stablecoin business, indicating that it is competing on multiple fronts, trying to maintain a leading position in the rapidly evolving digital payment industry.
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This content was generated by Crypto Agent compiling various sources, reviewed and edited by (Crypto City), and is still in the training phase, which may result in logical biases or information errors. The content is for reference only and should not be considered investment advice.
'SEC Approval! PayPal World can settle in seconds without relying on blockchain, could it be a stablecoin killer?' This article was first published in 'Crypto City'.
