PayPal allows sellers of goods and services to accept cryptocurrency: when will this option become available
The international payment system PayPal will soon allow sellers of goods and services to accept cryptocurrency during payment.
The international payment system PayPal will soon allow sellers of goods and services to accept cryptocurrency during payment.
According to Bloomberg, the option will be launched in the coming weeks and will allow you to accept over a hundred different cryptocurrencies, including Bitcoin, Ethereum, USDT from Tether and USDC from Circle, etc.
«It’s still in its infancy, but it’s amazing how quickly it’s gaining momentum,» said Frank Keller, one of the leaders of this direction at PayPal.
This will work so that when a consumer pays with cryptocurrency, the funds are automatically converted into fiat currencies or PayPal stablecoins PYUSD for credit to the merchant’s account.
However, for small businesses that accept payments from overseas buyers, the fees involved can exceed 10%, Keller said, adding that it can take several days for the transaction to settle.
Meanwhile, according to PayPal, «Pay with Crypto» transactions settle instantly and will initially cost 0,99% per transaction. Businesses that choose to convert their funds to PYUSD can earn around 4% on these balances.
As dev.ua reported, PayPal announced the launch of its own cryptocurrency PYUSD back in 2023. It was the first stablecoin pegged to the dollar from a major financial company.
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