PayPal to help businesses accept payments with over 100 cryptocurrencies
Fintech Giant PayPal launched new payment options on Monday. Bitcoin and Ethereum But there are also Zanier options like Trump Memo Coin and Fartcoin in Novelty Token. US businesses using PayPal’s online payment processing platform can opt-in, the spokesman said.
PayPal charges merchants a promotional fee of 0.99% on their first year deals, then raises the fee to 1.5%, said executive vice president Frank Keller. luck. These fees are less than 1.57% of the US companies paid to credit card companies in 2024. Nilsson Report.
“There’s a worldview that you can imagine the world moving on a chain,” Keller said, referring to putting data into a blockchain. “Is that happening overnight? No. Some people say a long period. Others say a very short period. I think we see the movement.”
To resolve transactions, PayPal can connect an existing Crypto wallet owned by the user to the checkout page. Depending on the buyer’s crypto wallet, PayPal sells cryptocurrency on a centralized exchange Coinbase Or distributed exchanges like Uniswap. The proceeds from that sale are converted to PayPal’s own Stablecoin, which is converted to US dollars sent to merchants.
“Imagine a Guatemalan shopper buying a special gift from a merchant in Oklahoma City,” said Alex Chriss, president and CEO of PayPal, in a statement. “With PayPal’s open platform, businesses can accept crypto for payments.”
The move to make customers pay businesses with Crypto is the latest push to PayPal’s digital assets.
Among the Fortune 500, the Fintech giants are adopting cryptography early. In 2020, PayPal said US users can buy, sell and hold some groups of cryptocurrency, such as Bitcoin and Ethereum. He then expanded his abilities to Venmo.
However, during the so-called crypto winter of 2022, Paypal ratcheted public rhetoric in Crypto. The crypto market is currently surged and is being charged first as President Donald Trump’s administration looks in favor of digital assets.
In September, businesses were able to purchase, retain and sell Crypto from their merchant accounts. And the company launched Stablecoin Pyusd in 2023 has increased its market capitalization by about 70% to about $850 million since the beginning of the year. Co Ringecko.
PayPal plans to expand merchants’ ability to embrace Crypto to large enterprise customers across the US and around the world, but a spokesman refused to provide a timeline.