PayPal announced the launch of its “Pay with Crypto” service, aimed at integrating cryptocurrency payments into mainstream commerce while reducing transaction costs for businesses. The service enables near-instant settlement, seamless international transactions, and cost savings of up to 90% compared to traditional cross-border credit card processing.
According to the company, Pay with Crypto connects merchants to a market valued at over $3 trillion, supporting more than 100 cryptocurrencies including Bitcoin, Ethereum, USDT, XRP, BNB, Solana, and USDC. It also allows interoperability with wallets such as Coinbase, MetaMask, Kraken, OKX, and Exodus. The service charges a 0.99% transaction fee and offers merchants the option to store funds as PayPal USD (PYUSD) with a 4% yield when held on the platform.
Alex Chriss, President and CEO of PayPal, said the new solution addresses the challenges businesses face when expanding globally. He explained that the platform enables companies to accept crypto payments, access proceeds instantly, and pay significantly lower fees.
PayPal stated that the service will initially be available to U.S. merchants in the coming weeks. It also highlighted a recent agreement with Fiserv to expand stablecoin use globally as part of its efforts to drive efficiency in business transactions.
The company noted that the program covers about 90% of the global crypto market and supports faster payments to freelancers and vendors using PYUSD. Users can also earn rewards for holding PYUSD on PayPal.