PayPal enables merchants accept 100 cryptocurrencies

PayPal has launched a new feature allowing U.S. businesses to accept payments in over 100 cryptocurrencies. The update includes major assets like Bitcoin and Ethereum, alongside novelty tokens such as Trump’s memecoin and Fartcoin.

PayPal’s New Crypto Checkout Offers Cheaper Fees

According to a Fortune report, any U.S. merchant using PayPal’s payment processing system can activate the crypto option starting immediately. Merchants will pay a promotional transaction fee of 0.99% in the first year.

Then it goes up to 1.5%, which is lower than the average of 1.57% of the credit card fee charged in 2024. This renders crypto a competitive payment mode for small businesses. Customers can link their existing crypto wallets with the checkout to handle their crypto payments.

To process payments, buyers can connect their existing crypto wallets to the checkout. PayPal will then convert the crypto via exchanges like Coinbase or Uniswap. The funds are first turned into PayPal’s stablecoin PYUSD, then into U.S. dollars for merchants.

This move is part of PayPal’s larger digital asset strategy. After reducing its crypto activity during the 2022 market slump, the company is ramping up again.

Crypto markets are recovering, and the Trump administration is showing strong support for blockchain development. Before the latest update, PayPal and Coinbase announced a partnership to offer zero-fee PYUSD conversions.

PYUSD Grows As Global Rollout Looms

PayPal CEO Alex Chriss cited an example saying the new feature allows a merchant in Oklahoma to easily receive crypto payments from a shopper in Guatemala. According to him, this highlights how the new system enables international transactions using blockchain infrastructure.

PayPal first introduced basic crypto features in 2020 and later expanded them to Venmo. In 2023, the company launched PYUSD, which has grown 70% in market cap this year to reach $850 million. Last September, the digital payment firm also allowed merchants to buy and hold crypto.

The company also plans to bring the crypto payment feature to large U.S. and global enterprises, though no timeline was announced. The update positions PayPal as a key player in the growing crypto payments space. Earlier, PayPal hit a major win as US SEC dropped investigation into its PYSUD stablecoin.

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Paul

Paul Adedoyin is a crypto journalist with 4+ years experience who provides timely news, in-depth research, and insightful content to inform and empower his audience. His works have been featured on sites such as CryptoMode, CryptoNewsFlash among others.
He holds a degree in Geophysics from OAU, Nigeria. When he’s not writing, he loves watching soccer and reading educative journals.
He can be reached via [email protected]

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