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PayPal (NASDAQ:PYPL) introduced its “Pay with Crypto” product for merchants to simplify cross-border transactions, the company said on Monday.
The new offering connects merchants to a $3T+ market by enabling instant crypto-to-stablecoin or fiat conversion, supporting transactions across 100+ cryptocurrencies and wallets such as Coinbase (COIN) and MetaMask.
With a transaction rate of 0.99%, Pay with Crypto decreases the cost of transactions by up to 90% when compared with international credit card processing, the company said.
“Businesses of all sizes face incredible pressure when growing globally, from increased costs for accepting international payments to complex integrations,” PayPal (NASDAQ:PYPL) President and CEO Alex Chriss said “Today, we’re removing these barriers and helping every business of every size achieve their goals.”
Pay with Crypto, powered by PayPal (PYPL), will be available to U.S. merchants in coming weeks. It offers the ability to pay with 100 cryptocurrencies including bitcoin (BTC-USD), ethereum (ETH-USD), tether (USDT-USD), XRP (XRP-USD), BNB (BNB-USD), solana (SOL-USD), USCoin (USDC-USD) and others and connect wallets including Coinbase, OKX, Binance, Kraken, Phantom, MetaMask, and Exodus with more to come.
PayPal (PYPL) stock gained 0.9% in early Monday trading.