PayPal launched a new service called “Pay with Crypto,” allowing consumers from around the world to pay US merchants with 100 cryptocurrencies, including Bitcoin and Ethereum, and connect wallets including Binance, Coinbase, and Kraken.
According to PayPal, Pay with Crypto allows US businesses to accept crypto from consumers nearly anywhere in the world, helping them save up to 90% on international transaction fees while also giving them nearly instant access to the funds.
PayPal said using traditional payments can be extremely expensive due to currency conversion rates and the number of intermediaries involved, with funds being held and unavailable for days or weeks.
“Businesses don’t have to worry about the variable value of Bitcoin or DOGE or any other token as they receive USD for the transaction. It all happens in a checkout flow that consumers are used to,” PayPal said.
“Pay with Crypto advances PayPal’s mission to transform commerce by integrating crypto and digital currencies into a unified platform that connects fiat and digital payments. It offers consumers diverse payment options and unlocks global growth for merchants,” according to Monday’s announcement.
PayPal’s press release included a host of disclosures, advising customers that “The use and exchange of digital assets, including stablecoins such as PYUSD, may involve complex risks,” and noting the announcement was “for informational purposes only and is not intended as financial, investment, or other advice.”
Today’s announcement follows last week’s press release from PayPal, “Introducing PayPal World: a global platform connecting the world’s largest payment systems and digital wallets, starting with interoperability to PayPal and Venmo.”