PayPal has launched a new crypto checkout tool that allows U.S.-based merchants to accept payments in over 100 different cryptocurrencies, including major ones such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), USDT, USDC, and XRP. This feature, called "Pay With Crypto," integrates smoothly with popular crypto wallets like Coinbase Wallet, Binance, and others, enabling buyers to pay with their crypto assets during checkout.
When a customer pays with cryptocurrency, the payment is automatically converted at checkout into PayPal's stablecoin PYUSD or into fiat currency. This conversion means merchants receive payments without exposure to the volatility of crypto prices, simplifying the process for businesses and reducing risk.
The tool aims to facilitate cross-border commerce by cutting costs and settlement times, particularly benefiting small and medium-sized enterprises. PayPal charges merchants a competitive transaction fee of 0.99% for the first year, which is significantly lower than typical credit card fees, with fees increasing to 1.5% thereafter.
This rollout positions PayPal as a key facilitator in mainstreaming crypto payments by making digital currency spending as easy and practical as traditional payment methods.
It currently serves U.S. merchants, except for those in New York, with plans for expansion anticipated. This initiative is part of PayPal's broader strategy to expand the everyday usability of cryptocurrencies beyond just investment, aiming to bridge the gap between digital assets and traditional commerce.
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