Shopping with meme coins! PayPal opens "Crypto Assets Payment" for US merchants: supports 100+ coin types, cheaper than credit cards.

!PayPal announced yesterday (28) that any small and medium-sized merchants in the U.S. using the PayPal online payment platform can now accept payments from buyers using over 100 types of cryptocurrencies through the latest payment option provided by PayPal, "Pay with Crypto," including Bitcoin, Ethereum, and even meme coins TRUMP and FARTCOIN. (Background: PayPal launched PayPal World: connecting payment providers like Venmo, reaching over 2 billion users' wallets) (Supplementary background: PayPal makes a significant move: opening up over 1 million business accounts in the U.S. for direct cryptocurrency trading) The American payment giant PayPal announced yesterday (28) that any small and medium-sized merchants in the U.S. using the PayPal online payment platform can now accept payments from buyers using over 100 types of cryptocurrencies through the latest payment option provided by PayPal, "Pay with Crypto," including Bitcoin, Ethereum, and even meme coins TRUMP and FARTCOIN. From on-chain to the cash register: hundreds of coins can be checked out with one click According to a report by Fortune, as long as U.S. merchants had previously used PayPal for payments, the system would display the option "Pay with cryptocurrency" on the checkout page. Consumers can choose any supported coin type by PayPal, and PayPal will instantly sell these cryptocurrencies and convert them into PayPal's stablecoin PYUSD, which will then be converted into USD for deposit, taking only a few seconds. However, Frank Keller, PayPal's Executive Vice President, pointed out that this service will charge merchants a promotional transaction fee of 0.99% in the first year, which will then increase to 1.5%. But reports indicate that these fees are still lower than the average 1.57% rate that U.S. businesses pay to credit card companies in 2024. Frank Keller stated: There is a worldview that believes the world is operating on-chain. Moreover, the convenience brought by cryptocurrencies for cross-border transactions is even more evident: traditional international credit cards may charge over 3% in transaction fees, and there are also issues with exchange rates and timing of deposits. Through on-chain settlement with PYUSD, the costs of cross-border payments can be reduced by up to 90%. PayPal President Alex Chriss stated in a statement: Imagine a shopper in Guatemala purchasing a special gift from a merchant in Oklahoma City. Using PayPal's open platform, the merchant can accept cryptocurrency payments. The role of PYUSD: stablecoin, interest, wallet connectivity It is worth noting that PYUSD is the hub of the entire payment process: merchants can enhance payment efficiency using blockchain's speed and composability without touching the native tokens. At the same time, PayPal has previously stated that holding PYUSD not only allows for instant conversion to USD but also earns a storage yield of 4% per annum. Additionally, for users, PayPal has added connection features with mainstream wallets such as Coinbase, MetaMask, Binance, and Kraken. Consumers can directly sign payments with their own wallets without having to transfer funds into PayPal beforehand. Extended reading: PayPal offers interest: U.S. users can enjoy a 3.7% annualized return, how far is it from the stablecoin leader USDT? A new payment opportunity For merchants, once this door opens, they can reach approximately 650 million crypto users and a market with a market capitalization of $3 trillion; for consumers, the experience of card swiping and coin conversion is rapidly converging, and the convenience of payments has been significantly enhanced. The outside world generally interprets that this move by PayPal will force other payment giants to accelerate their layouts, and banks and card organizations must reassess service fees and settlement speeds. As on-chain settlement becomes a prominent topic, new standards for transaction fees and profit distribution models are bound to emerge. Related reports Coinbase launches e-commerce stablecoin payment service Coinbase Payments: has partnered with Shopify to trade directly with USDC PayPal makes a significant move: opening over 1 million business accounts in the U.S. for direct cryptocurrency trading Besides PayPal's "PYUSD," what other stablecoins are giving away money? <Shopping with meme coins! PayPal opens up U.S. merchants to "cryptocurrency payments": supports 100+ coins, cheaper than credit cards> This article was first published in BlockTempo, the most influential blockchain news media.