PayPal is making a huge leap into the world of cryptocurrency payments. Get ready, because it’s about to get a lot easier to pay with crypto, even memecoins!
Pay with Crypto: How it Works
PayPal’s new “Pay with Crypto” feature lets you use over 100 different cryptocurrencies to pay businesses. Think Bitcoin and Ethereum, but also some more unusual ones like memecoins (yes, really!).
To use it, you’ll link your crypto wallet (like Coinbase or MetaMask) to your PayPal account. When you make a payment, PayPal automatically converts your crypto into its own stablecoin (PYUSD), then into US dollars, before sending the money to the merchant.
The Fine Print: Fees and Supported Coins
For the first year, PayPal is charging a low transaction fee of 0.99%, which they say is up to 90% cheaper than using international credit cards. After that, the fee jumps to 1.5%. The service initially supports a wide range of cryptocurrencies, including some surprising memecoins.
PayPal’s Vision: Global Payments Revolution
PayPal’s CEO, Alex Chriss, sees this as a game-changer for global commerce. He believes this will make international payments much simpler and cheaper for businesses of all sizes. This isn’t PayPal’s first foray into crypto; last year they already let US businesses buy, hold, and sell crypto directly through their accounts.
What’s Next?
“Pay with Crypto” is launching for US merchants in the coming weeks. PayPal plans to expand the service globally, but hasn’t given a specific timeline yet.
(Note: The Bitcoin price mentioned in the original article has been omitted as it’s not directly relevant to the core announcement.)/p>