Key Takeaways
- PayPal’s new feature, Pay with Crypto, allows U.S. merchants to accept payments in over 100 cryptocurrencies.
- By offering a 0.99% transaction fee, PayPal claims merchants can cut international payment costs by up to 90%.
- The new feature enables near-instant settlement by converting crypto payments to stablecoins (PYUSD) and then into U.S. dollars.
PayPal has announced the launch of “Pay with Crypto,” a new feature that allows merchants to accept payments from more than 100 cryptocurrencies and wallets.
The payment giant said the move will simplify its banking system and reduce transaction fees by up to 90%.
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PayPal’s ‘Pay With Crypto’
On Monday, July 28, PayPal announced it will connect merchants with the $3 trillion crypto market “by enabling instant crypto to stablecoin or fiat conversion.”
The new solution will allow merchants using PayPal to accept payments from over 100 different cryptocurrencies and wallets, including Coinbase and MetaMask.
PayPal stated it will offer merchants a transaction rate of 0.99%, which it claims reduces transaction costs by up to 90% compared to international credit card processing.
“Businesses of all sizes face incredible pressure when growing globally, from increased costs for accepting international payments to complex integrations,” said PayPal President and CEO Alex Chriss.
“Imagine a shopper in Guatemala buying a special gift from a merchant in Oklahoma City,” he added.
“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.”
How Will It Work?
The feature works by allowing users to connect their crypto wallets at PayPal’s checkout page.
Once a user pays with crypto, PayPal will sell the crypto on an exchange—depending on the wallet used.
The proceeds from the sale are then converted into PayPal’s stablecoin (PYUSD), which is subsequently converted into U.S. dollars and sent to the merchant.
PayPal says this entire process can be completed almost instantaneously.
Frank Keller, Executive Vice President at PayPal, told Fortune: “There is a worldview where you can imagine that the world is moving on-chain.”
“Is that happening overnight? No. Some people say long time periods. Other people say very short time periods. I think we will see movement,” he said.
What Is Accepted?
Pay with Crypto supports over 100 cryptocurrencies, including:
- Bitcoin (BTC)
- Ethereum (ETH)
- Tether (USDT)
- Ripple (XRP)
- Binance Coin (BNB)
- Solana (SOL)
- USD Coin (USDC)
It also supports several wallets at launch, such as:
- Coinbase Wallet
- OKX Wallet
- Binance Wallet
- Kraken Wallet
- Phantom
- MetaMask
- Exodus
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Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
