PayPal Unveils New Cryptocurrency Feature

PayPal has rolled out a new feature that lets users pay with crypto directly through merchant websites, making it easier to complete international purchases using digital assets. This development strengthens PayPal’s growing presence in the crypto space and signals its deeper push into blockchain-based payments.

Payments made with cryptocurrency will be processed through a mix of exchange platforms. These can either be a centralized exchange, such as Coinbase, or a decentralized option like Uniswap, depending on what kind of wallet the user has connected.

Merchants will now be able to accept around 100 different cryptos, including popular ones like Bitcoin, Solana, Ethereum, USD Coin (USDC), Tether (USDt), and Ripple’s XRP. Once the customer sends the crypto payment, the system converts the amount into PayPal’s stablecoin, PYUSD. After that, it’s turned into USD and deposited into the seller’s account.

The new system is aimed at making international sales easier and less expensive, especially for smaller businesses. PayPal will charge a fee of 0.99%, which the company says is much lower than the usual cost of accepting payments via credit cards. For reference, Visa’s basic rate starts at about 1.75%.

Alex Chriss, PayPal’s CEO, reaffirmed the company’s commitment to making payments more accessible around the world. He gave an example where someone in Guatemala could use crypto to purchase something from a merchant in the U.S., making it easier for buyers and sellers to connect globally.

The move also marks a return to active crypto development for PayPal, which had scaled back slightly during the 2022 market slump. The platform first got involved in crypto in 2020, initially allowing some U.S. customers to trade Ethereum and Bitcoin. This service was eventually extended to Venmo users. In September, PayPal began letting businesses manage their crypto assets directly from their accounts.

Its stablecoin, PYUSD, has seen strong growth, with its market value rising nearly 70% since the start of the year, reaching around $850 million. Earlier this year, PayPal also partnered with Coinbase to offer crypto-based rewards for users holding PYUSD, along with new features in its app for managing crypto assets.

Currently, the cryptocurrency checkout feature is only available to a limited number of merchants, but PayPal says it plans to expand it to larger businesses both in the U.S. and abroad. However, the company hasn’t shared a release schedule yet.

This launch comes shortly after the approval of the GENIUS Act, a new regulation that gives companies like PayPal a clearer legal framework for integrating stablecoins into their services.

With more established corporations integrating crypto into their service offerings, blockchain technology is making further inroads into mainstream finance. The future therefore looks bright for the crypto industry, including firms like Bit Mining Ltd. (NYSE: BTCM) that focus on crypto mining and other crypto-related operations.

About CryptoCurrencyWire

CryptoCurrencyWire (“CCW”) is a specialized communications platform with a focus on blockchain and the cryptocurrency sector. It is one of 70+ brands within the Dynamic Brand Portfolio @ IBN that delivers: (1) access to a vast network of wire solutions via InvestorWire to efficiently and effectively reach a myriad of target markets, demographics and diverse industries; (2) article and editorial syndication to 5,000+ outlets; (3) enhanced press release enhancement to ensure maximum impact; (4) social media distribution via IBN to millions of social media followers; and (5) a full array of tailored corporate communications solutions. With broad reach and a seasoned team of contributing journalists and writers, CCW is uniquely positioned to best serve private and public companies that want to reach a wide audience of investors, influencers, consumers, journalists and the general public. By cutting through the overload of information in today’s market, CCW brings its clients unparalleled recognition and brand awareness. CCW is where breaking news, insightful content and actionable information converge.

To receive SMS alerts from CryptoCurrencyWire, text “CRYPTO” to 888-902-4192 (U.S. Mobile Phones Only)

For more information, please visit https://www.CryptoCurrencyWire.com

Please see full terms of use and disclaimers on the CryptoCurrencyWire website applicable to all content provided by CCW, wherever published or re-published: https://www.CryptoCurrencyWire.com/Disclaimer

CryptoCurrencyWire
New York, NY
www.CryptoCurrencyWire.com
212.994.9818 Office
Editor@CryptoCurrencyWire.com

CryptoCurrencyWire is powered by IBN