PayPal is launching a service that enables businesses to accept payments in more than 100 cryptocurrencies.
Open to all US merchants, Pay with Crypto will let customers pay with the likes of bitcoin and ethereum and stablecoins including USDC, as well as use wallets such as Coinbase and MetaMask. Payments in crypto automatically convert to fiat or stablecoin.
The company says the service, arriving within weeks, will simplify cross-border commerce for merchants and help slash transaction fees by up to 90% compared to credit cards.
Alex Chriss, CEO, PayPal, says: "Imagine a shopper in Guatemala buying a special gift from a merchant in Oklahoma City. Using PayPal's open platform, the business can accept crypto for payments, increase their profit margins, pay lower transaction fees, get near instant access to proceeds, and grow funds stored as PYUSD at 4% when held on PayPal."