PayPal Launches “Pay With Crypto” to Enable Instant Cross-Border Crypto Payments

Payment services giant PayPal has officially launched a new feature called “Pay With Crypto.” According to the press release, this feature allows United States-based businesses to accept payments with cryptocurrency from global users.

The platform will accept over 100 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), USDT, XRP, BNB, and many others. It will also support transactions across wallets, including Coinbase, Binance, Kraken, MetaMask, OKX, and others, when it takes effect.

Transaction Costs Cut by 90%

Pay With Crypto enables instant conversion between crypto and fiat currencies, as well as stablecoins. It features a transaction rate of 0.99%. This results in a reduced transaction cost of up to 90% compared to international credit card processing.

This initiative marks a significant milestone in PayPal’s expansion into the digital assets space. It taps into a global base of more than 650 million crypto users, enhancing cross-border commerce.

In his comments, PayPal’s President and CEO, Alex Chriss, acknowledged that businesses of all sizes face incredible pressure when growing globally. These challenges range from increased costs for accepting international payments to complex integrations.

He further added that Pay With Crypto will resolve these barriers, helping business owners achieve their goals.

“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%5 when held on PayPal,” Chriss said.

As announced, Pay With Crypto will be available to users in the United States in the coming weeks.

Mainstream Crypto Adoption

This move is instrumental in transforming commerce as it offers consumers diverse payment options and unlocks global growth for merchants.

Recently, the US-based fintech company expanded its partnership with Fiserv to build future interoperability between FIUSD and PayPal USD (PYUSD). This was done to scale global stablecoin-powered payments and drive greater business efficiency.

Earlier this month, PayPal also integrated its stablecoin, operating on Ethereum, with the Arbitrum network. This was aimed at reducing transaction fees and speeding up processing times for users.

In a related development, Coinbase established a strategic collaboration with PayPal earlier this year to boost PYUSD’s adoption and utilisation. The cryptocurrency exchange waived fees on transactions connected to the dollar-backed stablecoin for both retail and institutional customers.