PayPal to allow merchants to accept crypto payments.
PayPal revolutionizes crypto payments for U.S. merchants, enabling acceptance of over 100 cryptocurrencies with near-instant settlements and reducing transaction fees by up to 90%. A game-changer for global commerce?
PayPal has launched a new feature called "Pay with Crypto" that enables US merchants to accept over 100 cryptocurrencies, including Bitcoin, Ethereum, USDT, XRP, BNB, Solana, and USDC. This service allows merchants to receive payments from customers globally, with instant conversion to fiat currency or PayPal's stablecoin, PYUSD.
Key Benefits for Merchants:
Lower Transaction Fees: PayPal charges a promotional rate of 0.99% for the first year, significantly lower than traditional credit card processing fees, potentially saving merchants up to 90% on transaction costs.
Instant Settlement: Near instant conversion and payout in fiat or PYUSD.
Access to Global CryptoSavvy Customer Base: Projected to surpass 1 billion users by 2026.
Yield on Stablecoin Holdings: Merchants can earn about 4% annually on PYUSD holdings.
How it Works:
1. Customers connect their crypto wallets to PayPal's checkout page.
2. PayPal converts the crypto payment to PYUSD, which is then converted to US dollars and sent to the merchant.
3. Merchants can hold funds in PYUSD to earn 4% rewards or receive fiat currency.
Supported Wallets:
Popular Digital Wallets: Coinbase, OKX, MetaMask, Phantom, Exodus, Binance, and Kraken.
Integration: Seamless integration with PayPal's platform for easy transactions.