Payment giant PayPal plans to launch a new feature in the coming weeks that allows global merchants to accept payments in over 100 cryptocurrencies at checkout, including major currencies such as Bitcoin, Ethereum, Tether, and USD Coin.
This feature supports compatibility with several mainstream crypto wallets, such as Coinbase, OKX, MetaMask, Phantom, and Exodus, enabling merchants to easily access crypto payments without relying on complex setup processes.
However, PayPal does not directly transfer cryptocurrencies to merchants during transactions, but instead instantly converts the customer's crypto assets into fiat currency, or into its own issued stablecoin PYUSD, thereby effectively avoiding the risks associated with price fluctuations.
Market analysts say that this service is particularly beneficial for small and medium-sized merchants. Traditional cross-border payments often come with fees as high as 10% and delays of several days in settlement, whereas the crypto payment route can significantly reduce transaction fees and almost instantly complete fund settlements.
This new service is also seen as a key step for PayPal in the crypto payment field since the launch of its PYUSD stablecoin, indicating that the company is pushing for the accelerated implementation of cryptocurrencies in global e-commerce scenarios.
