PayPal, a renowned Financial Technology (FinTech) company, has taken a step to ease global international transactions. As revealed in a Monday press release, it has introduced Pay with Crypto. This feature connects millions of cryptocurrencies, digital wallets, and merchants worldwide, and simultaneously reduces transaction fees by up to 90%.
One of the reasons PayPal cited for the invention is that merchants and their customers lose billions of dollars yearly due to the complexity of the traditional banking system and high transaction fees.
Pay With Crypto, Powered by PayPal
PayPal has designed the ‘Pay with Crypto’ feature to facilitate instant conversion from cryptocurrency to fiat currency. This feature will support transactions across over 100 cryptocurrencies, including BTC, ETH, USDT, XRP, BNB, Solana, USDC, and many others. It’ll also receive transactions from different blockchain networks and wallets. With this, PayPal aims to tap into the over 650 million crypto users globally.
Alex Chriss, President and CEO, PayPal, noted:
“Businesses of all sizes face incredible pressure when growing globally, from increased costs for accepting international payments to complex integrations. Today, we’re removing these barriers and helping every business of every size achieve their goals.”
Furthermore, PayPal empowers U.S. merchants to accept crypto payments and earn rewards for holding its stablecoin, PYUSD, on the PayPal payment platform. Moreover, it aims to improve efficiency, attract customers, and send faster, low-cost payments to vendors using PYUSD.
Crypto Finds Way Into TradFi
In a move to attract cryptocurrency users and integrate blockchain technology into traditional finance (TradFi), several payment companies worldwide have enabled trading of bitcoin (BTC) and ether (ETH) on their platforms. Popular London-based banking group Standard Chartered recently launched its spot crypto trading feature for U.K.-based clients earlier this month.
Recent reports from CryptocurrenciesToWatch have also revealed that major banks based in the United States, including JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo, are gradually entering the crypto industry to create their stablecoin pegged to the value of the U.S. dollar.
Meanwhile, this move is more realistic, as U.S. President Donald Trump has signed the long-awaited GENIUS Act into law, establishing a legal and detailed framework for crypto stablecoins.
