PayPal “plays big”: Allows payment in 100 cryptocurrencies
PayPal Pushes Cryptocurrency Payments for Small Businesses in the US
Accepts multiple cryptocurrencies, from Bitcoin to… Fartcoin
PayPal has just announced a new payment feature for small and medium-sized businesses in the US , allowing the acceptance of many cryptocurrencies such as Bitcoin, Ethereum, TRUMP memecoin and even Fartcoin .
This feature applies to all businesses using PayPal's online payment platform.
Users can pay with their existing crypto wallet, and the system will automatically convert to PYUSD – PayPal's stablecoin , and then convert it to USD for the seller .
More competitive rates than traditional credit cards
To encourage usage, PayPal applies a promotional fee of 0.99% for the first year , then 1.5% per transaction from the second year .
That's still lower than the average 1.57% fee that U.S. businesses will pay when accepting credit card payments in 2024, according to the Nilson report.
This is a significant advantage that helps small businesses save costs and have more flexibility in choosing payment methods.
Ambition to globalize cryptocurrency payments
PayPal is continuing to push its digital asset strategy, after becoming the first major US fintech company to issue its own stablecoin (PYUSD) in August 2023. CEO Alex Chriss emphasized:
“Imagine a shopper in Guatemala wants to order a special gift from a small shop in Oklahoma. With PayPal’s open platform, that business can accept payments in cryptocurrency.”
This strategy not only expands options for global consumers but also makes it easier for American businesses to access international markets – a notable step forward in the popularization of cryptocurrencies in e-commerce.