Digital payments Giant PayPal (PYPL) said it is rolling a service that lets us merchants accept over 100 cryptocurrencies in payment for purchases as it aims to reduce cross -border fees.
The feature, called wages with crypto and accessible in the coming weeks, allows shoppers to use crypto -cartoon books such as Metamask and Coinbase at 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 crypto market capital. The dealers receive US dollars and run the transaction almost immediately, a spokesman said Monday.
The company charges a service fee of 0.99%, approx. 90% less than international credit card treatment, PayPal said.
“Companies of all sizes face incredible pressure as they grow globally, from increased costs to accepting international payments to complex integrations,” President and CEO Alex Chriss said in a statement.
“Imagine a shopper in Guatemala who buys a special gift from a grocery store in Oklahoma City,” he quoted as an example. “Using PayPal’s open platform, the company can accept crypto for payments, increase their profit margins, pay lower transaction fees, get close to immediate access to revenue and grow funds stored as PYUSD to 4%when kept on Paypal.”
Rollout is expanding PayPal’s push into digital assets that include its US dollar stableecoin (PYUSD) and recent partnerships to expand stableecoin use globally. Dealers can also earn the dividend at PYUSD -Salti, which is held in PayPal accounts.
Blockchain rails, especially stableecoins, are increasingly considered a cheaper and faster alternative to cross-border payments than the traditional banking system.
Read more: PayPal brings his stableecoin to the star of cross -border transfers, financing payments
