PayPal has launched cryptocurrency payment for online purchases
By ForGeeks
The new Pay With Crypto feature will allow cryptocurrency to be used on millions of websites around the world.
PayPal has announced the launch of its Pay With Crypto feature – users can now pay for purchases with bitcoin, ethereum and other digital assets right at checkout. It’s part of the company’s strategy to transform cryptocurrencies from an investment tool to an everyday payment method.
Cryptocurrency payments will become part of the regular shopping cart
When you choose to pay with cryptocurrency, PayPal automatically converts the funds to fiat currency – the merchant gets paid in dollars or other local currency. Thus, marketplaces don’t need to handle digital assets themselves and worry about exchange rate volatility.
The feature is built into PayPal’s standard payment interface and is already available to US customers. About 100 different cryptocurrencies are supported, including bitcoin and etherium. The company plans to expand the list of countries and coins in the near future.
Benefits: less fees, more flexibility
According to PayPal, the new system reduces fees for international transfers by up to 90% compared to traditional payment methods. This is especially beneficial for small and medium-sized businesses, which face high costs and complexities when expanding globally.
Small and medium-sized businesses face high costs and complexities when expanding globally.
“Businesses of all sizes face high costs and complex integration when expanding into international markets. We’re removing these barriers and helping entrepreneurs achieve their goals,” said PayPal CEO Alex Kriss.
Strategy: make cryptocurrency part of the everyday economy
The company is pushing the idea of using cryptocurrencies not only for investment, but also in everyday commerce. PayPal has previously launched joint programs with Coinbase, including cryptocurrency bonuses for using its own PYUSD stablecoin.
The company is promoting the idea of using cryptocurrencies only for investments.
Pay With Crypto is the company’s biggest move since launching the ability to buy and sell cryptocurrencies in 2020. The new service makes crypto more accessible for everyday use and lowers barriers for both users and businesses.
The story PayPal launches cryptocurrency payment for online purchases was first published on itzine.ru.
