PayPal connects over 100 cryptocurrencies to bypass traditional banking

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PayPal has connected more than 100 cryptocurrencies and crypto exchanges to simplify cross-border payments, bypassing the traditional banking system and eliminating hefty fees.

According to a press release issued on Monday, Pay with Crypto, allows US merchants to accept payments in cryptocurrencies, instantly convert them to stablecoins or fiat, and lower transaction costs by up to 90 per cent compared to international credit card fees.

The product supports over 100 digital currencies, including Bitcoin (BTC), Ethereum (ETH), Tether (USDT), USD Coin (USDC), XRP, and Solana. It integrates with wallets like Coinbase, MetaMask, OKX, Phantom, Binance, Kraken, and Exodus.

At a flat transaction rate of 0.99 per cent, PayPal's crypto solution enables near-instant settlement and gives merchants the option to store funds as PYUSD, earning 4 per cent yield when held on PayPal.

"Businesses of all sizes face incredible pressure when growing globally," said Alex Chriss, PayPal President and CEO. "We're removing these barriers by simplifying payments and helping every business reach customers worldwide."

Pay with Crypto taps into a USD 3 trillion crypto market and a base of more than 650 million global crypto users, unlocking new revenue streams for merchants and reducing payment friction in global commerce.

The initiative is part of PayPal's broader push to unify fiat and digital payments. The company also announced PayPal World, a global partnership combining five major digital wallets into a single network to simplify international transactions.

Merchants can use PYUSD not only to receive payments but also to pay freelancers and vendors globally at lower costs.

Pay with Crypto will roll out to US merchants in the coming weeks.