WASHINGTON (dpa-AFX) - PayPal Holdings, Inc. (PYPL) announced Monday that it is integrating an unmatched combination of cryptocurrencies, digital wallets, and merchants worldwide to simplify cross-border commerce for merchants.
The company said businesses around the world lose billions annually in cross border fees while navigating a complex banking system to make and accept payments.
Pay with Crypto, powered by PayPal, connects merchants to a more than $3 trillion market, by enabling instant crypto to stablecoin or fiat conversion. It will enable near-instant settlement, seamless international transactions and transaction fee savings of up to 90%.
Pay with Crypto will be available to U.S. merchants in the coming weeks, with the ability to pay with more than 100 cryptocurrencies including BTC, ETH, USDT, XRP, BNB, Solana, USDC and many others and connect wallets including Coinbase, OKX, Binance, Kraken, Phantom, MetaMask, and Exodus with more to come.
The solution expands merchant revenue opportunities and taps into a global base of more than 650 million crypto users. Additionally, with a transaction rate of 0.99%, Pay with Crypto decreases the cost of transactions by up to 90% when compared to international credit card processing.
Using PayPal's open platform, U.S. merchants can accept crypto for payments, increase their profit margins, pay lower transaction fees, get near instant access to proceeds, and grow funds stored as PYUSD at 4% when held on PayPal.'
PayPal empowers U.S. merchants to accept crypto payments, improve efficiency, attract customers, earn rewards for PYUSD held with PayPal, and send faster, low-cost payments to freelancers and vendors using PYUSD.
Recently, the company also announced an agreement with Fiserv to expand stablecoin use globally to drive greater business efficiency.
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