PayPal, the payment platform, will launch a new feature for U.S. merchants that supports accepting payments in over 100 cryptocurrencies, primarily targeting overseas transactions and enhancing the utility of its own stablecoin.
According to a Monday announcement, businesses will be able to accept currencies such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), USDt (USDT), USD Coin (USDC), and Ripple (XRP). The tool integrates with cryptocurrency wallets including Coinbase Wallet, MetaMask, OKX, Kraken, Binance, Phantom, and Exodus.
Transactions made with cryptocurrency will be automatically converted at checkout to PayPal's stablecoin PYUSD or fiat currency, allowing merchants to accept cryptocurrency payments without dealing with price volatility.
PayPal will charge a transaction fee of 0.99% for cryptocurrency payments, claiming this is 90% lower than typical credit card processing costs. In comparison, Visa's fees start at 1.75% of the transaction cost.
This feature aims to simplify cross-border transactions, which PayPal states are often expensive and challenging for small and medium-sized enterprises. Currently, the feature is only available to U.S. merchants, excluding residents of New York State.
This move comes as the market capitalization of PYUSD has risen nearly 80% since January 1, climbing from $497 million to $894 million. It also coincides with competitors like Stripe continuing to roll out new features for cross-border cryptocurrency payments.
In October 2024, Stripe launched a USD Coin stablecoin payment option, which was adopted by users from 70 countries on its first day. In June, the fintech company partnered with Coinbase to integrate fiat-to-cryptocurrency services on both platforms. Stripe added support for Coinbase's Base network, while Coinbase Wallet integrated Stripe's fiat deposit channels.
Fintech payment platforms like Stripe and PayPal are expanding their cryptocurrency payment products, but centralized exchanges like Coinbase have been working on cryptocurrency merchant tools for some time. In 2018, the exchange launched Coinbase Commerce, allowing merchants to accept cryptocurrency on platforms like Shopify and WooCommerce.
In 2024, Coinbase released the x402 protocol, a payment system that supports cryptocurrency transactions via standard HTTP. This protocol is designed for APIs and AI agents, allowing automated systems to send and receive stablecoins, primarily USDC, on the Base network.
PayPal's new feature follows the recently passed GENIUS Act. This legislation provides a regulated pathway for companies like PayPal to expand services involving stablecoins and integrate stablecoins into their payment infrastructure.
Small businesses globally are also accepting cryptocurrency payments. Industries such as dining, retail, travel, e-commerce, and even real estate are turning to cryptocurrency payments due to their speed and low costs.
Related: Democratic lawmakers investigate housing regulators considering including cryptocurrency in mortgages.
Original article: “PayPal Launches Cryptocurrency Checkout Tool Supporting Over 100 Tokens”
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