PayPal launched a new service called “Pay with Crypto,” allowing consumers from around the world to pay US merchants with 100 cryptocurrencies, including Bitcoin and Ethereum, and connect wallets including Binance, Coinbase, and Kraken.
According to PayPal, Pay with Crypto allows US businesses to accept crypto from consumers nearly anywhere in the world, helping them save up to 90% on international transaction fees while also giving them nearly instant access to the funds.
PayPal said using traditional payments can be extremely expensive due to currency conversion rates and the number of intermediaries involved, with funds being held and unavailable for days or weeks.
“Businesses don’t have to worry about the variable value of Bitcoin or DOGE or any other token as they receive USD for the transaction. It all happens in a checkout flow that consumers are used to,” PayPal said.
“Pay with Crypto advances PayPal’s mission to transform commerce by integrating crypto and digital currencies into a unified platform that connects fiat and digital payments. It offers consumers diverse payment options and unlocks global growth for merchants,” according to Monday’s announcement.
PayPal’s press release included a host of disclosures, advising customers that “The use and exchange of digital assets, including stablecoins such as PYUSD, may involve complex risks,” and noting the announcement was “for informational purposes only and is not intended as financial, investment, or other advice.”
Today’s announcement follows last week’s press release from PayPal, “Introducing PayPal World: a global platform connecting the world’s largest payment systems and digital wallets, starting with interoperability to PayPal and Venmo.”
I have used PayPal since it was called Xoom and was giving out $5.00 signup bonuses around 1999 or 2000.
My account was locked. Their automated system and their recorded message on the phone said someone tried to set up another account in my name. That makes no sense as the procedure would be to verify this new account and not my established account.
Then they tried to say it had to do with old accounts I had. That makes no sense as other accounts have all been verified and closed long ago.
Their system said I need to upload a photo of a I.D., which I was of course not going to do, but initiated this through a web browser on a desktop caused them to display a QR code on the screen which I was suppose to scan on my phone and then take a selfie of myself with the phone – not a photo of the i.d. as stated.
You can guess which body orifice they were told to stick that request.
They seem to think its 1999 and they are one of few players in the field and we do not have other choices. I’ll stick with Zeller and others.