PayPal enables digital payment system through cryptocurrencies, accommodating more than 100 types.
PayPal Embraces Cryptocurrency with New "Pay with Crypto" Feature
In a significant move to support the growing global interest in cryptocurrencies, PayPal has introduced a new feature that allows merchants to accept payments in cryptocurrencies.
The "Pay with Crypto" feature supports over 100 cryptocurrencies, including popular coins like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), as well as stablecoins such as USDT and USDC. This broad compatibility is achieved through integrations with leading crypto exchanges and wallets, such as MetaMask, Coinbase, Kraken, Binance, and OKX.
When a customer pays with crypto from these wallets or exchanges, the transactions are instantly converted by PayPal into U.S. dollars or PayPal’s stablecoin PYUSD, protecting merchants from crypto price volatility and simplifying accounting.
By converting received crypto instantly to fiat or PYUSD, PayPal removes barriers for merchants, offering near-instant settlement with transaction fees around 0.99%, significantly lower than traditional credit card fees. This also fosters global commerce by enabling lower-cost international payments, which can reduce fees by up to 90% compared to conventional payment methods.
PayPal is working with Venmo and other digital wallets on the "PayPal World" initiative to simplify payment processes and support business growth. The platform will enable "near-instant transactions" in international payments, which is inherent to cryptocurrencies.
In addition, funds stored in PYUSD by sellers using PayPal's "Pay with Crypto" feature earn an annual rate of 4%. Sellers using this feature can access their earnings instantly.
Recently, PayPal partnered with payment technology firm Fiserv to enable stablecoin payments worldwide. PayPal plans to launch a system that allows sellers to instantly convert their crypto assets into stablecoins or fiat currency.
The "Pay with Crypto" feature is part of PayPal's broader strategy to make crypto payments mainstream and transform cross-border commerce for merchants. Users of this service will be able to save up to 90% on transaction fees. The feature will initially support over 100 cryptocurrencies and is expected to be available for U.S. merchants in the coming weeks.
[1] PayPal's "Pay with Crypto" Feature: Everything You Need to Know [2] PayPal to Allow Merchants to Accept Cryptocurrency Payments [3] PayPal's "Pay with Crypto" Feature: How It Works and What It Means for Merchants [4] PayPal's "Pay with Crypto" Feature: A Game Changer for Cross-Border Commerce [5] PayPal's "Pay with Crypto" Feature: A Boost for Global Cryptocurrency Adoption
- In a decision that aligns with Turkey's growing interest in cryptocurrencies, PayPal's latest feature enables Turkish merchants to accept payments in digital currencies like Bitcoin, Ethereum, and other supported cryptos, fostering the growth of Turkish business and technology.
- The ongoing collaboration between PayPal and payment technology firms, such as Fiserv, is aimed at expanding stablecoin payments globally, including in Turkey, thus reducing transaction fees for merchants in the Turkish finance sector.
- As PayPal continues to enhance its cryptocurrency services, Turkish merchants can look forward to an annual return of 4% on funds stored in PYUSD, and the much-anticipated near-instant international transactions inherent to cryptocurrencies, ultimately revolutionizing the Turkish business landscape.
