The PayPal payment platform should deploy a new feature so that the American merchants accept payments with more than 100 cryptocurrencies, targeting transactions abroad and more use of its own stablecoin.
According to a Monday announcementCompanies will be able to accept Bitcoin (BTC), Ether (ETH), Solana (Sol), USDT (USDT), USD Coin (USDC) and XRP (XRP), among others. The tool fits into cryptographic wallets, including the coinbase portfolio, metamasque, OKX, kraken, binance, ghost and exodus.
Transactions paid with cryptocurrencies will be automatically converted into Paypal Pyusd of Paypal or Fiat Currency at the checkout, allowing traders to receive cryptographic payments without facing the volatility of prices.
Paypal will charge traders with 0.99% transaction costs for cryptographic payments, which claim to be less than 90% than typical credit cards processing costs. For comparison, visa costs start 1.75% of a transaction cost.
The functionality aims to simplify cross -border transactions, which, according to Paypal, are often expensive and difficult for small and medium -sized enterprises. For the moment, it is only available for American merchants, with the exclusion of New York residents.
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This decision comes as the Pyusd market capitalization has increased by almost 80% since January 1, going to $ 894 million, compared to $ 497 million, according to to Coingecko data. It also happens that competitors, such as Stripe, continue to deploy new features for cross -border cryptographic payments.
In October 2024, Stripe launched a Stablecoin payment option for the USD part which saw the adoption of users in 70 countries on the first day. In June, Fintech joined Coinbase to join the Fiat-to Crypto services on the two platforms. Stripe added the support of the basic Coinbase network, while Coinbase Wallet incorporated the Fiat ramp of Stripe.
Fintech payment platforms like Stripe and Paypal expand their crypto payment offers, but centralized exchanges like Coinbase worked on cryptographic market tools for a while. In 2018, the exchange launched Coinbase Commerce, allowing merchants to accept crypto on platforms like Shopify and Woocommerce.
In 2024, Coinbase published the X402 protocol, a payment system that allows cryptographic transactions via standard HTTP. Designed for APIs and AI agents, it allows automated systems to send and receive stabbed, mainly USDC, on the basic network.
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Paypal’s new feature follows the recent adoption of the Act on Engineering. The legislation provides a regulated path for companies such as Paypal to extend the services involving and integrate stabrins into their payment infrastructure.
Small businesses around the world also warm up for cryptographic payments. Industries such as food and drinks, retail, trips, electronic commerce and even real estate has turned to acceptance of cryptography payments for its speed and lower costs.
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