PayPal to allow businesses to accept more than 100 cryptocurrencies

PayPal said Monday it will allow businesses to accept payments in more than 100 types of cryptocurrencies, including bitcoin and ethereum.

Called "Pay with Crypto," the new service will allow consumers to use many types of cryptocurrencies to complete their purchases, as well as to use wallets such as Coinbase and MetaMask, the company said in a statement. After shoppers pay in crypto, the payments will automatically convert to fiat or stablecoin.

PayPal has its own stablecoin, called PayPal USD, or PYUSD, which is backed by the U.S. dollar.

The California-based company said the new service will simplify cross-border commerce, increase merchant's profit margins and reduce transaction fees associated with international credit card processing. PayPal is offering a 0.99% transaction rate until July 31, 2026, lower than the average credit card transaction rate, which typically ranges between 1.5% to 3.5%, according to NerdWallet.

"Building on our 25+ years in payments, we let users link their wallet, pay with any token, convert it instantly to PYUSD, and deliver USD to merchants in seconds. The result? Merchants pay less in fees and can instantly use funds," Alex Chriss, president and CEO of PayPal, said in a post on X.

Businesses can opt into a beta version of the new system in the coming weeks, according to a company spokesperson. Availability will expand later this year, they added.

"Cryptocurrency promised a more affordable financial system and instant global transfers. But challenges persist: extreme price volatility, complex wallets prone to errors, and irreversible transactions with no easy way to issue refunds. Pay with Crypto helps relieve these challenges," said Chriss in another X post.

PayPal is used by tens of millions of merchants around the world, according to a company spokesperson.

Last week, President Trump signed the GENIUS Act into law, further embedding the digital currency in the mainstream. The legislation, which is the first major crypto legislation ever passed by Congress, establishes a regulatory framework for the $250 billion stablecoin market.

• Cryptocurrency
• Bitcoin
• PayPal