PayPal Launches ‘Pay with Crypto’ Service for US Merchants
PayPal launched "Pay with Crypto" on July 28, enabling merchants to accept payments in over 100 cryptocurrencies, including Bitcoin, Ethereum, and USDT. The service will be available to US merchants soon.
Key features include:
- Support for wallets like Coinbase, OKX, Binance, Kraken, Phantom, MetaMask, and Exodus, with more added over time
- Near-instant settlement and significant transaction fee savings of up to 90%
- Storage of funds in PayPal's native stablecoin, PYUSD, with a 4% annual rewards rate
- A competitive transaction rate of 0.99%, lower than the industry average of 1.10% to 3.15%
PayPal CEO Alex Chriss highlighted the service as a global network facilitating cross-border payments, targeting the $3 trillion crypto market. The launch follows the introduction of "PayPal World," connecting various global payment services.
The integration of PayPal services by exchanges like OKX aims to enhance transaction capabilities in Europe.