PayPal has announced the launch of a new feature that allows users in the United States to pay with over 100 digital currencies when shopping online, under the name 'Pay with Crypto'. All the user needs is a digital wallet like MetaMask or Coinbase Wallet, and the amount paid in digital currencies will be automatically converted to U.S. dollars or to PayPal's stablecoin (PYUSD), so the merchant receives the money in cash without having to deal with crypto at all.
The new feature imposes a simple fee of only 0.99% on each transaction, which is lower than the fees typically charged by credit cards, which can reach up to 1.75%. It is also available in most U.S. states (except for New York), and supports over 100 digital currencies thanks to PayPal's partnership with the MoonPay platform. The service is currently directed only at American merchants and works only with compatible external wallets, making it a practical but limited-scale step.
This step represents a significant shift towards the use of digital currencies in everyday life, not just as an investment tool. PayPal was one of the first major companies to support the buying and selling of Bitcoin since 2020, but this payment feature is considered the biggest push yet towards integrating crypto into traditional payment systems. The question now is: If PayPal starts converting crypto into a primary payment method, will we soon see digital currencies surpass traditional credit cards?
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