PayPal is expanding its cryptocurrency ventures, soon allowing U.S. merchants to accept more than 100 various cryptocurrencies as payment, according to Fortune. This will feature well-known options like Bitcoin and Ethereum, as well as meme-inspired tokens such as the contentious Trump memecoin.
The firm unveiled the Pay with Crypto feature, which will be rolled out to U.S. merchants in the upcoming weeks. When a merchant receives a payment in one of the supported cryptocurrencies, PayPal will convert it to either fiat currency or its PYUSD stablecoin. The transaction fee for Pay with Crypto is set at 0.99 percent, which is lower than standard credit card processing fees.
PayPal is focused on “ushering crypto payments into the mainstream,” and in conversations with Fortune and Bloomberg, company executives indicated that the feature is especially advantageous for small merchants.
“Picture a buyer in Guatemala purchasing a unique gift from a merchant in Oklahoma City,” remarked PayPal CEO Alex Chriss in a press release. “Through PayPal’s open platform, the business can accept crypto payments, boost profit margins, reduce transaction fees, obtain funds immediately, and even earn up to 4% APY when holding funds as PYUSD on PayPal.”
With the crypto-friendly Trump administration back in The White House, PayPal is promptly addressing one of digital currency’s primary hurdles: restricted spendability. This has been a crucial concern for cryptocurrencies, contributing to the ascendance of NFTs as a means of “ownership.”
PayPal’s recent initiative offers crypto holders a more functional method to utilize their digital assets for purchases, rather than mere speculation. This advancement coincides with Bitcoin’s recent achievements, as the token hit $100,000 per 1 BTC for the first time in 2024. At present, a single Bitcoin is priced at roughly $118,000, according to Coinbase.
PayPal indicates that merchants will face a transaction fee of 0.99 percent for the initial year, rising to 1.5 percent afterward, as reported by Fortune.