PayPal has launched a new service that allows businesses to accept payments in over 100 cryptocurrencies.

PayPal claims the new service, Pay with Crypto, will simplify cross-border payments by connecting an “unmatched combination” of cryptocurrencies, digital wallets and merchants whilst also reducing transaction fees by up to 90 per cent.

The service currently supports currencies including Solana and USDC, as well as wallets Coinbase and MetaMask, with more to be added in the future.

PayPal says that the solution will expand merchant revenue opportunities by tapping into a global base of more than 650 million crypto users.

PayPal said the new service is part of its mission to transform commerce by integrating crypto and digital currencies into a unified platform that connects fiat and digital payments.

Additionally, users can earn rewards for PYUSD held with PayPal and send faster, low-cost payments to freelancers and vendors using PYUSD.

"Businesses of all sizes face incredible pressure when growing globally, from increased costs for accepting international payments to complex integration and today, we're removing these barriers and helping every business of every size achieve their goals," said Alex Chriss, president and chief executive of PayPal. "Imagine a shopper in Guatemala buying a special gift from a merchant in Oklahoma City - using PayPal's open platform, the business can accept crypto for payments, increase their profit margins, pay lower transaction fees, get near instant access to proceeds, and grow funds stored as PYUSD at 4 per cent when held on PayPal."

Pay with Crypto will be available to US merchants in the coming weeks.

---