PAYPAL has confirmed a new payment method offering for consumers this summer.
Some could even see savings of up to 90% on fees as a result of the brand-new option.
As of July 28, PayPal launched Pay with Crypto, which helps merchants accept transactions from 100 different cryptocurrencies and wallets, per a press release.
That means Coinbase, MetaMask, and others can be used, and US merchants will have access to it in the “coming weeks.”
At least 650 million people already use or invest in crypto daily.
PayPal said Pay with Crypto will help in “simplifying cross-border commerce for merchants” and “reducing transaction fees by up to 90%.”
Merchants are now able to connect to the $3 trillion crypto market, which is easily enabled through an instant crypto to stablecoin or fiat conversion.
The savings comes from the transaction rate through Pay with Crypto of 0.99%.
It “decreases the cost of transactions by up to 90% when compared to international credit card processing,” according to the release.
Alex Chriss, president and CEO of PayPal, emphasized the seamless process Pay with Crypto would create for international transactions.
“Businesses of all sizes face incredible pressure when growing globally, from increased costs for accepting international payments to complex integrations,” Chriss said in a statement.
“Today, we’re removing these barriers and helping every business of every size achieve their goals.”
“Imagine a shopper in Guatemala buying a special gift from a merchant in Oklahoma City,” the CEO continued.
“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.”
Pay with Crypto further’s PayPal’s goal of helping integrate crypto and digital currencies as payment options for commerce.
The financial technology company argued that “it offers consumers diverse payment options and unlocks global growth for merchants.”
What is cryptocurrency?
CRYPTOCURRENCIES are a form of payment that can be exchanged for goods and services.
What is Bitcoin and will BTC’s price rise? What is Ethereum and will ETH reach $10,000? What is Cardano and will ADA reach $10? What is Litecoin and will it reach $500? Why is Bitcoin bad for the environment? Who is Bitcoin creator Satoshi Nakamoto and what’s his net worth? Best crypto wallets to use for Bitcoin: From Coinbase to Exodus Where to buy cryptocurrency? What is Dogecoin and will DOGE reach $1? Will Polygon (MATIC) reach $10?“PayPal empowers US merchants to accept crypto payments, improve efficiency, attract customers, earn rewards for PYUSD held with PayPal, and send faster, lower-cost payments to freelancers and vendors using PYUSD,” the release noted.
GLOBAL APPROACH
Pay with Crypto’s launch also comes not long after PayPal reached an agreement with fellow financial services company, Fiserv, to expand stablecoin through PayPal World.
PayPal World is a “global partnership bringing together five of the world’s largest digital wallets on a single platform, fundamentally reimagining how money moves around the world” Chriss explained.
“By enabling seamless cross-border crypto payments, we’re breaking long-standing barriers in global commerce.”
“These innovations don’t just simplify payments — they drive merchant growth, expand consumer choice, and reduce costs,” the CEO added.
“This is the future of inclusive, borderless commerce, and we’re proud to lead it.”
BANKS ON BOARD?
Some of the largest financial institutions in the United States could also be quietly planning a move away from physical cash.
JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo are all considering a joint stablecoin tied to the US dollar.
The banks would use some existing networks to facilitate transactions like Early Warning Services, which operates Zelle.
It could then be used on a consistent basis by consumers.
Stablecoin currently does not have a regulatory framework in the United States, which is why the option is still being explored.
Should the financial institutions get involved, the future of physical currency, in general, could change drastically.
The Treasury Department also announced recently that the production of pennies would completely cease by 2026, making a move toward digital payments all that more probable.
Homebuyers were also recently given a new way to pay for properties through crypto after a game-changing policy switch.
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