In a bold expansion of its crypto ambitions, PayPal Holdings Inc. has announced plans to enable businesses to accept over 100 cryptocurrencies at checkout, including major tokens like Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and USD Coin (USDC).
The new feature, dubbed ‘Pay with Crypto’, is expected to roll out in the coming weeks. It will allow customers to use digital assets from major wallets including Coinbase Wallet, OKX, Phantom, MetaMask, and Exodus to make payments at supported merchants globally.
Once a transaction is completed, PayPal will automatically convert the crypto into fiat currency or its own stablecoin, PYUSD, for merchants providing seamless settlement with minimal volatility risk.
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Expanding Access to the $3 Trillion Crypto Economy
In an interview with Bloomberg, Frank Keller, PayPal’s newly appointed General Manager of Large Enterprise and Merchant Platform, said the company’s move is designed to democratize access to the growing cryptocurrency space.
“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,” Keller stated.
The initiative aims to eliminate longstanding bottlenecks in cross-border transactions, which typically take days to clear and come with hefty fees sometimes exceeding 10%. PayPal’s crypto checkout, however, will offer near-instant settlements with significantly lower fees.
Key Features of ‘Pay with Crypto’:
- Over 100 supported cryptocurrencies accepted at checkout.
- Wallet integration with Coinbase, MetaMask, OKX, Phantom, Exodus, and more.
- Automatic conversion into fiat or PYUSD stablecoin for merchants.
- Transaction fee: A flat 0.99% for each crypto payment.
- Stablecoin rewards: Merchants choosing to settle in PYUSD could earn around 4% yield on balances held.
Building Trust in Crypto Payments
Keller emphasized that while crypto payments remain relatively early in their adoption curve, demand is growing faster than expected.
“It’s still nascent, but it’s surprising how quickly it’s picking up. When PayPal turns it on, it creates trust,” Keller said.
PayPal’s move is not just about functionality; it’s also a signal of confidence in the long-term viability of digital assets in the mainstream financial ecosystem.
New Leadership, Bigger Ambitions
Keller, who replaced former crypto lead Jose Fernandez da Ponte, says the company is now focused on embedding digital assets into PayPal’s core infrastructure.
“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,” he added.
This shift aligns with PayPal’s broader strategy of becoming a leading Web3 payment processor and redefining how both consumers and merchants interact with digital value.
Why This Matters
The adoption of cryptocurrency for everyday payments is accelerating globally, thanks to advantages like:
- Lower transaction fees compared to traditional card networks.
- Instant settlement times.
- Global accessibility with no reliance on banking intermediaries.
- A rapidly growing crypto user base, expected to hit 1 billion by 2026.
While platforms like BitPay, CoinGate, and Coinbase Commerce have laid the groundwork, PayPal’s reach across millions of merchants could be the catalyst for mass adoption of crypto payments especially among small and mid-sized businesses.
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