PayPal enables payments with bitcoin, ether, XRP, and other cryptocurrencies
PayPal launches Pay with Crypto, a feature that will allow merchants to reduce costs and accept payments with more than 100 cryptocurrencies.
PayPal announced the launch of a new feature that will allow merchants in the United States to accept international payments, even from Latin America, with bitcoin (BTC) and more than 100 cryptocurrencies, including ether (ETH), XRP, tether (USDT), and usd coin (USDC).
The tool, called Pay with Crypto, is designed to facilitate international trade, reduce costs, and expand payment options for both consumers and merchants.
According to the company in a statement, the solution will allow the conversion of cryptoassets into stablecoins or fiat money, which will simplify the collection process for merchants. Payments can be sent from wallets like Coinbase, MetaMask, Binance, Kraken, Phantom, and others.
Pay with Crypto on PayPal will have a fixed fee of 0.99%, which, according to the company's estimates, represents savings of up to 90% compared to traditional methods like international credit card payments.
Merchants will have almost immediate access to the funds generated by their sales. They will also have the option to keep their earnings in the stablecoin PayPal USD (PYUSD) within the PayPal platform, with an annual yield of up to 4%, according to the company.
"We want to remove the barriers that businesses of all sizes face when operating internationally," said Alex Chriss, President and CEO of PayPal.
