PayPal is making a big move into the crypto world with its new “Pay with Crypto” feature. This lets online businesses accept payments in over 100 different cryptocurrencies, including Bitcoin, Ethereum, and many others.
Lower Fees, Wider Reach
The company says this new system will slash transaction fees by up to 90% compared to credit card payments. This is a huge benefit for businesses, especially those dealing with international transactions. PayPal CEO Alex Chriss highlighted the ease of use and cost savings, emphasizing how it helps businesses grow globally. He used the example of a Guatemalan shopper buying from an Oklahoma City merchant to illustrate the potential.
How it Works
“Pay with Crypto” will let businesses instantly convert crypto payments into stablecoins or regular money. It’ll also integrate with popular crypto wallets like Coinbase Wallet and MetaMask. The service will be available to US merchants soon. PayPal also mentions the option to hold funds as PYUSD, earning 4% interest.
The Bottom Line
PayPal’s new feature aims to simplify crypto payments for businesses, making them more accessible and affordable. It’s a significant step towards mainstream crypto adoption. Remember to do your research before making any investment decisions.