The PayPal digital payments giant (PYPL) said it is deploying a service that allows merchants to accept more than 100 cryptocurrencies in payment for purchases because it aims to reduce cross-border costs.
The functionality, called Pay with Crypto and available in the coming weeks, allows buyers to use cryptographic portfolios like Metamask and Coinbase at the checkout. Payments can be made with digital assets such as Bitcoin (BTC), Ether (ETH), XRP (XRP) and Stablecoins such as USDC and USDT, covering 90% of the total cryptography market capitalization. Merchants receive US dollars, adjusting the transaction almost instantly, a spokesperson said on Monday.
The company will invoice service fees of 0.99%, or 90% lower than that of processing international credit cards, said PayPal.
“Companies of all sizes are faced with incredible pressure during global growth, from increasing costs to accept international payments to complex integrations,” said president and chief executive officer Alex Chriss in a statement.
“Imagine a buyer in Guatemala buying a special gift from a merchant in Oklahoma City,” he said as an example. “Using Paypal’s open platform, the company can accept the crypto for payments, increase its beneficiary margins, pay lower transaction fees, get closer to instant access to the product and increase the stored funds in the form of 4% Pyusd when they are detained on Paypal.”
The deployment extends Paypal’s thrust into digital assets, which includes its stablecoin to an American dollar (Pyusd) and its recent partnerships to extend the use of the range on a global scale. Merchants can also gain performance on Pyusd sales held in PayPal accounts.
Blockchain rails, especially Stablecoins, are increasingly considered to be a cheaper and faster alternative for cross -border payments than the traditional banking system.
Read more: Paypal brings its stablecoin to Stellaire for sending of cross -border funds, financing of payments
