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Global payment solutions company PayPal is introducing a feature that allows merchants to accept payments in cryptocurrencies.
The company will initially support leading cryptocurrencies such as bitcoin and ethereum, as well as over 100 cryptocurrencies, with plans to increase this number over time.
The company, which plans to launch the feature for U.S. merchants in the coming weeks, said it aims to make crypto payments mainstream and transform cross-border commerce for merchants with its “Pay with Crypto” feature.
The platform, which will be available primarily to U.S. sellers in the coming weeks, will enable “near-instant transactions” in international payments, which is inherent to cryptocurrencies. Users of this service will be able to save up to 90% on transaction fees.
PayPal also plans to launch a system that allows sellers to instantly convert their crypto assets into stablecoins or fiat currency.
PayPal will connect the trillion-dollar cryptocurrency market to merchants with this method. It will support over 100 cryptocurrencies, including bitcoin, ethereum, and solana, as well as stablecoins such as USDT and USDC.
PayPal President and CEO Alex Chriss noted that businesses of all sizes face significant challenges, such as high international payment costs and complex system integrations, as they strive to grow globally. Chriss stated that this new initiative aims to eliminate these barriers and provide businesses with the support they need to achieve their goals.
PayPal's “Pay with Crypto” solution will work seamlessly with leading cryptocurrency exchanges such as Coinbase, OKX, Binance, and Kraken. It will also be compatible with popular digital wallets like Phantom, MetaMask, and Exodus.
Businesses using this feature will not only reach over 650 million crypto users but also have the potential to increase their profit margins.
PayPal CEO Alex Chriss highlighted the example of a consumer in Guatemala purchasing a gift from a seller in Oklahoma City, emphasizing that such transactions can be completed quickly and at low cost through crypto.
Chriss noted that PayPal’s open platform offers sellers the ability to accept crypto payments, process transactions at low fees, access their earnings instantly, and store funds in PYUSD (PayPal USD), earning an annual rate of 4%.
PayPal's move supports the growing global interest in stablecoins, while its recent partnership with payment technology firm Fiserv also draws attention. Through this collaboration, PayPal aims to enable stablecoin payments worldwide.
Additionally, PayPal is working with Venmo and other digital wallets on the “PayPal World” initiative, which aims not only to simplify payment processes but also to support business growth, reduce costs, and expand payment options available to consumers.
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