Launched: PayPal's Capability for Cryptocurrency Payments in Commerce, Enabling Crypto Transactions
PayPal's New 'Pay with Crypto' Service Revolutionises Global Commerce
PayPal, a leading name in digital payments, has introduced a groundbreaking service called "Pay with Crypto". This innovative offering is set to transform the landscape of global commerce by significantly reducing cross-border transaction costs and offering businesses a wide range of benefits [1][2][3].
Reduced Transaction Costs
One of the most notable advantages of "Pay with Crypto" is the reduction in transaction costs for cross-border payments. By offering a transaction fee of just 0.99%, the service can decrease costs by up to 90% compared to traditional international credit card processing fees [1][2][3]. This reduction in fees makes it an attractive option for businesses looking to expand globally. The service also offers near-instant settlement and seamless international transactions [4][5].
Cryptocurrencies and Wallets Supported
"Pay with Crypto" supports over 100 cryptocurrencies and wallets, including major platforms like Coinbase, MetaMask, Binance, and others [1][3][5]. It allows for instant conversion of cryptocurrencies to stablecoins or fiat currencies, providing businesses with flexible payment options [1][3][5]. Some of the supported cryptocurrencies include Bitcoin (BTC), Ethereum (ETH), USDT, XRP, BNB, Solana, and USDC [5].
Additional Benefits for Businesses
- Increased Profit Margins: By reducing transaction costs, businesses can keep more of their earnings, potentially increasing their profit margins.
- Near-Instant Access: Merchants get rapid access to their proceeds, enhancing cash flow.
- 4% Yield on PYUSD: Businesses can earn a 4% yield by storing funds in PayPal's PYUSD stablecoin, which is issued by Paxos Trust Company [4][5].
- Global Reach: The service connects merchants to over 650 million crypto users worldwide, expanding potential customer bases [3][5].
PayPal's partnership with Fiserv aims to expand the use of stablecoins globally, further strengthening the company's position in the digital payments industry [2]. Last week, PayPal launched PayPal World, a global partnership bringing together five digital wallets, further solidifying its commitment to driving merchant growth, expanding consumer choice, and reducing costs [6].
With "Pay with Crypto", a shopper in Guatemala can now buy a special gift from a merchant in Oklahoma City using cryptocurrency through PayPal [7]. The service supports major cryptocurrencies like BTC, ETH, and USDT, as well as digital wallets such as Coinbase and MetaMask [8]. This service is set to revolutionise global commerce, making it more inclusive and borderless.
[1] https://www.paypal.com/us/webapps/mpp/pay-with-crypto [2] https://www.paypal.com/us/webapps/mpp/partner-with-paypal [3] https://www.paypal.com/us/webapps/mpp/partner-with-paypal/crypto [4] https://www.coindesk.com/paypal-launches-crypto-payments-service-pay-with-crypto [5] https://www.reuters.com/business/paypal-launches-cryptocurrency-payments-service-2021-03-23/ [6] https://www.paypal.com/us/webapps/mpp/paypal-world [7] https://www.paypal.com/us/webapps/mpp/pay-with-crypto/merchants [8] https://www.coindesk.com/paypal-launches-crypto-payments-service-pay-with-crypto
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