Payments behemoth PayPal has announced the launch of a new feature that makes it possible for U.S. merchants to accept a slew of cryptocurrencies, including XRP and Solana.
The new feature, which has been dubbed "Pay with Crypto," will become available in the coming weeks.
PayPal customers will be able to pay with any available cryptocurrency, which will then be automatically converted to PayPal's PYUSD stablecoin and then the U.S. dollar.
It will be possible to use Coinbase, MetaMask, Binance, Phantom, Exodus and other wallets while paying with crypto.
Fixing international payments
PayPal has touted such key advantages of the new feature as instant settlements and low fees capped at 0.99%. The fee will then increase to 1.5% after a promotional period that will last a year.
U.S. businesses will be able to accept payments from customers all over the globe with minimal friction.
PayPal CEO Alex Chriss has noted that international payments are too expensive for U.S. businesses, and PayPal is working to solve this problem.
That said, it should be noted that the new feature will not be available in New York from the get-go due to the state's stringent regulatory requirements.
PayPal's previous crypto moves
PayPal entered into crypto back in 2020, helping to fuel the start of a massive bull run, initially allowing U.S. users to buy several cryptocurrencies.
The payments giant launched its own stablecoin in 2023. It currently has a market cap of over $900 million, according to CoinGecko data.
As reported by U.Today, PayPal previously allowed merchants to buy, sell and hold digital assets in their business wallets last September. Businesses gained the ability to move their assets on-chain.
Vladislav Sopov
U.Today Editorial Team