PayPal said Monday it will allow businesses to accept payments in more than 100 types of cryptocurrencies, including bitcoin and ethereum.
Called “Pay with Crypto,” the new service will allow consumers to use many types of cryptocurrencies to complete their purchases, as well as to use wallets such as Coinbase and MetaMask, the company said in a statement. After shoppers pay in crypto, the payments will automatically convert to fiat or stablecoin.
PayPal has its own stablecoin, called PayPal USD, or PYUSD, which is backed by the U.S. dollar.
The California-based company said the new service will simplify cross-border commerce, increase merchant’s profit margins and reduce transaction fees associated with international credit card processing. PayPal is offering a 0.99% transaction rate until July 31, 2026, lower than the average credit card transaction rate, which typically ranges between 1.5% to 3.5%, according to…
