PayPal Crypto Payments Accepts Over 100 Cryptocurrencies

The new solution will allow merchants using PayPal to accept payments from over 100 different cryptocurrencies and wallets, including Coinbase and MetaMask.

PayPal stated it will offer merchants a transaction rate of 0.99%, which it claims reduces transaction costs by up to 90% compared to international credit card processing.

“Businesses of all sizes face incredible pressure when growing globally, from increased costs for accepting international payments to complex integrations,” said PayPal President and CEO Alex Chriss.

“Imagine a shopper in Guatemala buying a special gift from a merchant in Oklahoma City,” he added.

“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.”

How Will It Work?

The feature works by allowing users to connect their crypto wallets at PayPal’s checkout page.

Once a user pays with crypto, PayPal will sell the crypto on an exchange—depending on the wallet used.

The proceeds from the sale are then converted into PayPal’s stablecoin (PYUSD), which is subsequently converted into U.S. dollars and sent to the merchant.

PayPal says this entire process can be completed almost instantaneously.

Frank Keller, Executive Vice President at PayPal, told Fortune : “There is a worldview where you can imagine that the world is moving on-chain.”

“Is that happening overnight? No. Some people say long time periods. Other people say very short time periods. I think we will see movement,” he said.