The PayPal Payment platform is set to launch a new feature for US traders to accept payments with over 100 cryptocurrencies, targeting overseas transactions and more utility of its own stablecoin.
According to a Monday announcementBusiness will receive Bitcoin (Btc), Ether (Eth), Solana (Sol), USDT (USDT), USD coin (USDC) and XRP (XRP), among others. The tool integrates with crypto dompets including Coinbase wallet, metamask, okx, kraken, binance, phantom, and exodo.
Transactions paid using cryptocurrencies are automatically converted to Stablecoin PUSUD or Fiat Currency to Paypal, which allows entrepreneurs to receive crypto payments without dealing with price volatility.
PayPal will charge merchants with a 0.99% transaction fee for crypto payments, which claims to be 90% lower than the standard credit card processing costs. For comparison, visa fees start at 1.75% of a transaction cost.
This feature aims to simplify cross-border transactions, which PayPal says is often expensive and challenging for small and medium-sized businesses. To date, it is only available to US -based traders, including the exclusion of New York residents.
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Paypal joins Stripe and Coinbase in Race To Istreamline global crypto payments
The move arrived as the pyusd market capitalization rose nearly 80% since January 1, up $ 894 million from $ 497 million, According to to data from coingecko. It also came as competitors, such as stripe, continue to roll new features for cross-border crypto payments.
In October 2024, Stripe launched a Stablecoin payment option For the USD coin who saw adoption from users in 70 countries on its first day. In June, the Fintech company cooperated with Coinbase to include Fiat-to-Crypto services on both platforms. Stripe added support for Coinbase’s base network, while the Coinbase Wallet included stripe’s fiat on-ramp.
Fintech payment platforms such as Stripe and PayPal expand their crypto payment offerings, but centralized exchanges such as Coinbase have worked with crypto merchant tools for several hours. In 2018 the exchange launched Coinbase Commerceallowing merchants to accept crypto on platforms such as Shopify and WooCommerce.
In 2024, Coinbase X402 protocol has been releasedA payment system that provides crypto transactions in the standard http. Designed for API and AI agents, it allows automatic systems to transmit and receive stablecoins, especially the USDC, to the base network.
Related: Genius Act Spurs moved to the payment utility in Stablecoins
Regulatory clarity drives stablecoin and crypto growth
PayPal’s new feature complies with the recent passage of Genius Act. The law provides a regulated path for companies such as Paypal to expand services involving and incorporating stablecoins into their payment infrastructure.
Small businesses around the world are also warming up Crypto payment. Industries such as food and drinks, retail, travel, e-commerce and even real estate have turned to accept crypto payments for its speed and lower cost.
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