PayPal announced this morning on 7/28 that it will launch a 'crypto payment feature' (Pay With Crypto), allowing merchants to directly accept mainstream coins like BTC and ETH, with a focus on instant settlement and transaction fees reduced to 0.99%, while also supporting multiple digital wallets, expected to officially launch in a few weeks.
Transaction fees can be reduced by up to 90%, and users can earn interest by converting to PYUSD.
PayPal stated that global companies lose billions of dollars each year on cross-border transactions, not only because of high costs and complicated processes but also because it sometimes takes several days to settle. The newly launched 'crypto payment' feature can be the best solution. According to official explanations:
Crypto payments can be settled instantly.
The transaction fee is only 0.99%, which can be up to 90% cheaper than international credit cards.
Supports over 100 cryptocurrencies and multiple wallets.
Not only can it be converted to fiat currency, but it can also be converted to PYUSD, which can be held in PayPal to earn about 4% interest.
What cryptocurrencies and wallets are supported?
PayPal stated that once the 'crypto payment' feature is launched in the future, users can use digital wallets like Coinbase, OKX, MetaMask, Phantom, Exodus, Binance, Kraken, etc.
Available cryptocurrencies include over 100 types such as BTC, ETH, SOL, USDT, USDC, etc.
PYUSD offers interest income, helping small and medium-sized businesses expand into overseas markets.
PayPal emphasizes that this service is not only open to large enterprises but also helps small and medium-sized businesses easily connect with 650 million crypto users globally. If merchants choose to convert the funds they receive into their own stablecoin PYUSD and hold it in PayPal, they can also enjoy about 4% interest income.
Additionally, merchants can use PYUSD for quick, low-fee payments to overseas freelancers or suppliers, significantly improving cross-border payment efficiency.
PayPal World project has been launched, and PayPal's crypto payment is limited to U.S. merchants.
PayPal CEO Alex Chriss added that PayPal officially launched a global collaboration program called 'PayPal World' last week, aimed at integrating multiple international and local payment systems and digital wallets to create a truly seamless cross-border payment network. The five major platforms participating in the collaboration are:
PayPal
Venmo, a subsidiary of PayPal
WeChat Pay in China
Unified Payments Interface (UPI) in India, managed by NPCI International Payments Limited
Mercado Pago, the payment tool of Mercado Libre, the largest fintech company in Latin America
Finally, Chriss stated that their 'crypto payment feature' is only available to U.S. merchants, and whether it can be successfully launched in New York still requires approval from the New York Department of Financial Services (NYDFS).
(PayPal CEO Chriss: There is insufficient incentive to use stablecoins in the U.S., relying on rewards to use PYUSD to break through.)
This article PayPal's crypto payment is about to launch! U.S. merchants can accept hundreds of coins like BTC, ETH, USDT first appeared on Chain News ABMedia.
