PayPal is revolutionising international payments by allowing users to access both cryptocurrencies and well-known digital wallets during the online checkout process.
Soon, PayPal will enable U.S. retailers to take payments in over 100 different cryptocurrency wallets, including Coinbase, OKX, MetaMask, Phantom, and Exodus. Bitcoin, Ethereum, USDT, USDC, Solana, and other tokens are supported.
The most notable aspect? Without exposing retailers to cryptocurrency, cryptocurrency can be instantly converted into fiat or PayPal’s own stablecoin, PYUSD. Compared to typical card networks, the solution could reduce foreign payment costs by up to 90% with a transaction fee of just 0.99%.
“Businesses face pressure when growing globally, from increased costs for accepting international payments to complex integrations,” said Alex Chriss, President and CEO of PayPal. “By enabling seamless cross-border crypto payments, we’re breaking long-standing barriers in global commerce.”
Additionally, merchants can choose to keep their profits in PYUSD and receive a yield of up to 4% while they hold them on PayPal, which gives small and medium-sized enterprises access to an additional source of passive income.
PayPal stressed that these features are intended to “simplify cross-border commerce” and link businesses with the world’s rapidly expanding community of more than 650 million cryptocurrency users.
PayPal alternatives for Weixin Pay, Venmo, and UPI
“Last week, we launched PayPal World, our global partnership bringing together five of the world’s largest digital wallets on a single platform,” said Chriss.
The goal of PayPal’s new World platform is to make international shopping and money transfers as easy as clicking a local wallet button or scanning a QR code, even when done across national borders.
Instead of entering card information or keeping a foreign currency wallet, Indian consumers will soon be able to pay for international online purchases using UPI by just choosing the well-known UPI option during PayPal checkout.
Additionally, the launch supports wallets such as Weixin Pay (WeChat Pay) in China and Venmo in the US. Therefore, a PayPal user on vacation in China may use their PayPal app to purchase coffee at a café that accepts Weixin Pay. Similarly, using only their phone number, a Venmo user in the US might use PayPal to send money to a pal in Germany.
Almost 2 billion people worldwide may have smooth access to PayPal during this early stage, and additional regional wallets are anticipated to join the network shortly.