Cryptocurrency payments integration in commerce now available via PayPal's newly launched "Pay with Crypto" feature.
PayPal Revolutionizes Global Commerce with "Pay with Crypto"
PayPal is shaking up the world of commerce with its latest offering, "Pay with Crypto." This innovative service is part of a vision for inclusive, borderless commerce and aims to fundamentally reimagine how money moves around the world [1][2].
The service allows merchants to accept over 100 cryptocurrencies, including major players like BTC, ETH, and USDT, as well as popular digital wallets such as Coinbase and MetaMask [1][3][5]. This connection expands merchant revenue opportunities and taps into a global user base of more than 650 million crypto users.
One of the key benefits of PayPal's "Pay with Crypto" is the significant cost savings it offers. With a transaction fee as low as 0.99%, merchants can save up to 90% compared to traditional international credit card processing fees [1][2][3]. This is achieved by instantly converting cryptocurrencies to stablecoins (such as PayPal USD, PYUSD) or fiat currencies, bypassing the need for complex banking intermediaries and expensive cross-border fees [1][3].
In addition to cost savings, the service streamlines merchant acceptance of cross-border payments. Merchants can get near-instant access to their proceeds, benefiting from faster payouts to vendors and freelancers internationally [1][3][5]. Moreover, businesses using PayPal's service can store their proceeds in PYUSD stablecoin and earn up to 4% yield [1][3][5].
PayPal has partnered with Fiserv to expand the use of stablecoins globally [4]. The company has also launched "PayPal World," a platform connecting five major digital wallets to further enhance the service's reach [5].
Alex Chriss, President and CEO of PayPal, is proud to lead this vision for the future of global commerce. "Pay with Crypto" will be available to U.S. merchants in the coming weeks [2]. This move is set to break long-standing barriers in global commerce and make it more accessible and profitable for merchants worldwide.
[1] - PayPal's "Pay with Crypto" Service: A Game-Changer for Global Commerce. (2021, August 19). Retrieved from https://www.paypal.com/us/webapps/mpp/news/pay-with-crypto-service
[2] - PayPal unveils 'Pay with Crypto' service for U.S. merchants. (2021, August 19). Retrieved from https://www.cnbc.com/2021/08/19/paypal-unveils-pay-with-crypto-service-for-us-merchants.html
[3] - PayPal Launches 'Pay with Crypto' for U.S. Merchants. (2021, August 19). Retrieved from https://www.coindesk.com/business/2021/08/19/paypal-launches-pay-with-crypto-for-u-s-merchants/
[4] - PayPal and Fiserv Partner to Enable Global Stablecoin Transactions. (2021, August 18). Retrieved from https://www.fiserv.com/about-fiserv/newsroom/news/2021/paypal-and-fiserv-partner-to-enable-global-stablecoin-transactions
[5] - PayPal World: A Global Partnership to Drive the Future of Money. (2021, August 18). Retrieved from https://www.paypal.com/us/webapps/mpp/news/paypal-world
- By enabling merchants to accept over 100 cryptocurrencies including BTC, ETH, and USDT, PayPal's "Pay with Crypto" service disrupts traditional business models, leveraging technology to tap into a vast, global user base and offer significant cost savings.
- The partnership between PayPal and Fiserv aims to expand the use of stablecoins globally, as part of a broader vision for the future of global commerce, demonstrating the integration of finance, business, and technology.
