Purchase goods online using cryptocurrencies, India's UPI, and other e-wallets via PayPal.
PayPal Launches PayPal World for Seamless Global Transactions
PayPal has announced the launch of PayPal World, a groundbreaking global partnership that brings together five of the world's largest digital wallets on a single platform. This move aims to simplify global shopping and remittances, making transactions as simple as scanning a QR code or clicking a local wallet button, even across borders.
The new service supports payments via over 100 cryptocurrencies, including Bitcoin, Ethereum, USDT, USDC, and Solana, as well as popular digital wallets such as Coinbase, MetaMask, OKX, Phantom, Exodus, Venmo in the US, and Weixin Pay (WeChat Pay) in China.
With PayPal World, customers can make payments using their preferred digital currency or wallet, and PayPal will instantly convert the digital currency into its own stablecoin, PYUSD, and then into fiat US dollars. This process happens within seconds, eliminating price volatility risk for merchants, who receive regular dollar payments similar to traditional card transactions.
This system also offers near-instant settlement and significantly reduces cross-border transaction fees by up to 90% compared to traditional international credit card processing, with a transaction fee rate of around 0.99%. By bypassing conventional card networks and their complex multi-day processing and higher fees, PayPal's solution lowers costs and speeds up access to funds for businesses.
Merchants also have the option to store their proceeds in PYUSD and earn up to a 4% yield when holding these stablecoins on PayPal. This provides an additional financial benefit to businesses participating in the PayPal World network.
PayPal World is expected to bring seamless access to nearly 2 billion users globally, making international transactions easier and more affordable than ever before. The rollout of PayPal World includes support for digital wallets like Venmo in the US and Weixin Pay (WeChat Pay) in China, with more regional wallets expected to join the network soon.
However, no information was provided about PayPal options for UPI, Venmo, or Weixin Pay within India, amidst reports of PayPal halting online payment services within the country.
In summary, PayPal's new cross-border payment feature:
- Supports payments via 100+ cryptocurrencies and popular digital wallets.
- Performs instant conversion of crypto to PYUSD and fiat USD behind the scenes.
- Provides merchants with regular fiat payments without exposure to crypto price swings.
- Cuts cross-border fees by up to 90% versus traditional card networks.
- Offers near-instant settlement and eliminates multi-day funds delays.
- Allows merchants to earn yield by holding funds in PYUSD stablecoin.
- Connects merchants to over 650 million crypto users worldwide.
While no information was provided about a "simple trick" that Utah shoppers are using to save money on Amazon Prime, this latest move by PayPal is set to revolutionise cross-border commerce and make international transactions more accessible and affordable.
- The launch of PayPal World unites five leading digital wallets to simplify global shopping and remittances, allowing customers to pay using their preferred digital currency or wallet.
- PayPal World supports over 100 cryptocurrencies, including popular ones like Bitcoin, Ethereum, and USDC, as well as various digital wallets such as Coinbase, MetaMask, and Weixin Pay (WeChat Pay).
- By instantly converting digital currency into PYUSD and then into fiat US dollars, PayPal World eliminates price volatility risk for merchants and provides near-instant settlement with significantly reduced cross-border transaction fees.
- With PayPal World, merchants can potentially earn up to a 4% yield by holding their proceeds in the PYUSD stablecoin, offering an additional financial benefit to businesses participating in the network.
