PayPal is taking a big step forward in the crypto world, announcing it will soon allow businesses to accept more than 100 cryptocurrencies when customers pay online.
The new “Pay with Crypto” feature, set to launch in the next few weeks, lets buyers use digital assets like Bitcoin, Ethereum, Tether (USDT), and Circle’s USDC at checkout. Payments can be made from popular wallets, including Coinbase, OKX, Phantom, MetaMask, and Exodus. When a customer pays with crypto, PayPal will quickly convert the digital coins into cash or PayPal’s own PYUSD stablecoin for the seller.
This new development is aimed at giving small businesses better access to a massive global crypto user base. Frank Keller, PayPal’s new general manager of enterprise and merchant platform, explained, “You have globally 650 million users that participate in the $3 trillion market of cryptocurrencies. We wanted to give small businesses access to this customer base that is growing.”
With the high cost and slow process of traditional cross-border payments—often costing businesses over 10% in fees—PayPal’s system is offering near-instant settlement and a much lower 0.99% transaction fee. Businesses can also choose to keep their earnings in PYUSD, earning around 4% interest, making the option even more attractive.
Keller added, “It’s still nascent, but it’s surprising how quickly it’s picking up. When PayPal turns it on, it creates trust.”
PayPal says it wants to embed digital assets deep into its payment system and play a bigger role in mainstream adoption. “We want to show that we’re long-term invested in the crypto space. We want to play a bigger role, and for that to be successful, we need to really scale it to the next level,” Keller said.
Crypto payments are quickly gaining ground worldwide. Businesses are waking up to benefits like lower fees, faster settlements, and access to global customers. While some companies already use processors such as BitPay and Coinbase Commerce, PayPal’s new feature could push crypto payments into the mainstream, especially for small and medium businesses.
