PayPal opens new way for crypto payments with UPI and 100+ digital wallets for global shopping and money transfers
Online shopping and international payments are now going to get easier because PayPal has added crypto payments and popular digital wallets to its checkout system.
Now, US based merchants can accept over 100 cryptocurrencies, including Bitcoin, Ethereum, Solana, USDT, and USDC. These payments can be made using wallets like Coinbase, MetaMask, OKX, Phantom, and Exodus.
Merchants will benefit from instant conversion and low fees
The most useful part of PayPal’s system is that merchants won’t directly deal with crypto. The crypto payments will be instantly converted into normal money or PayPal’s own stablecoin PYUSD.
The fee for this service will be up to 0.99 percent, which is almost 90 percent cheaper than traditional card networks.
PayPal’s President and CEO Alex Chriss said,
“Businesses of all sizes face a lot of pressure when they try to grow globally. From high international payment costs to complicated setups. We’re now removing those hurdles and helping all kinds of businesses meet their goals.”
Merchants can earn passive income by holding PYUSD
PayPal also shared that if merchants want, they can keep their money in PYUSD and earn up to 4 percent return. This can become a new way of earning for small and medium businesses.
UPI and other regional wallets also added to the system
Through PayPal World, a new global platform, Indian users will now be able to do international shopping using UPI. During checkout, they can just choose the UPI option. They won’t need to enter card details or use foreign wallets.
Chriss said, “Last week, we launched PayPal World, a global partnership that connects five of the world’s biggest digital wallets on one platform.”
Now, users can do cross-border shopping by just scanning a QR code or clicking a local wallet button.
Weixin Pay (WeChat Pay) in China, Venmo in the US and other regional wallets are now connected to PayPal.
For example, if an Indian tourist wants to pay in a Chinese coffee shop using WeChat Pay, they can do it easily through the PayPal app. Similarly, a Venmo user can send money to a friend in Germany using just a phone number.
Direct access for global crypto wallet users
With these new updates, nearly 2 billion digital wallet users around the world can now directly use this system. PayPal also said that more regional wallets will be added in the future.
Using crypto and digital wallets for international payments has now become easier and more user-friendly. The way PayPal has built this system, it will have a big impact on global business. At the same time, it offers a simple and low-cost experience. Adding tools like UPI shows that the future of fintech is moving towards being borderless and easy to use.
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