{"id":31956,"date":"2025-07-30T07:45:19","date_gmt":"2025-07-30T07:45:19","guid":{"rendered":"https:\/\/www.newsbeep.com\/au\/31956\/"},"modified":"2025-07-30T07:45:19","modified_gmt":"2025-07-30T07:45:19","slug":"paypal-makes-major-change-to-payments-as-app-goes-after-visa-and-mastercard-dominance","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/au\/31956\/","title":{"rendered":"PayPal makes major change to payments as app goes after Visa and Mastercard dominance"},"content":{"rendered":"

By ALICE WRIGHT<\/a> <\/p>\n

Published: 00:58 EDT, 30 July 2025 | Updated: 01:10 EDT, 30 July 2025 <\/p>\n

PayPal users can now pay for goods and services using more than 100 different cryptocurrencies.\u00a0<\/p>\n

The new feature, called ‘Pay with Crypto’, will also allow consumers to use wallets such as Coinbase and MetaMask to complete their purchases.\u00a0Payments are instantly converted into dollars or stablecoins, shielding merchants from crypto price swings.<\/p>\n

PayPal says the move will make cross\u2011border transactions cheaper and faster, cutting into the high fees <\/a>businesses face with international card payments.\u00a0<\/p>\n

Until July 31, the company is offering merchants a 0.99% transaction rate \u2014 well below the 1.5 to 3.5 percent average for credit cards, according to NerdWallet.\u00a0\u00a0\u00a0<\/p>\n

‘Building on our 25 years in payments, we let users link their wallet, pay with any token, convert it instantly and deliver US dollars to merchants in seconds,’ PayPal CEO Alex Chriss said in a statement.\u00a0<\/p>\n

‘The result? Merchants pay less in fees and can instantly use funds,’ he added.\u00a0<\/p>\n

Payment providers and retailers are increasingly exploring new ways to process transactions.\u00a0<\/p>\n

Retail giants Walmart and Amazon, for example, are reportedly weighing plans to create their own stablecoins<\/a> \u2014 a type of cryptocurrency pegged to the US dollar \u2014 in a bid to cut out middlemen like Visa, Mastercard, and big banks.\u00a0<\/p>\n

\"PayPal <\/p>\n

PayPal will now allow its users to pay businesses with cryptocurrencies<\/p>\n

Businesses can opt in to a limited version of the system in the coming weeks and availability will expand later in the year, a spokesperson explained.<\/p>\n

‘Cryptocurrency promised a more affordable financial system and instant global transfers,’ Chriss added.\u00a0<\/p>\n

‘But challenges persist: extreme price volatility, complex wallets prone to errors, and irreversible transactions with no easy way to issue refunds. Pay with Crypto helps relieve these challenges.’<\/p>\n

President Trump has been a supporter of the crypto industry in his second term in office.\u00a0<\/p>\n

Last week he signed the GENIUS Act into law<\/a>, marking the first major crypto legislation passed by congress establishing a regulatory framework.<\/p>\n

Members of the Trump family have also launched their own ‘meme coin’<\/a> cryptocurrencies.\u00a0\u00a0<\/p>\n

PayPal – which has acquired fintech companies Venmo, Xoom and Honey – was one of the first major players in the online payments industry, but in recent years has faced stiff competition from companies like Apple and Zelle.<\/p>\n

\"PayPal <\/p>\n

PayPal CEO Alex Chriss said the new system will reduce fees for merchants\u00a0<\/p>\n

\"More <\/p>\n

More than 100 different cryptocurrencies will be accepted by the payment platform\u00a0<\/p>\n

\u00a0As a result it has faced brutal job cuts, including slashing nine percent of its workforce last year.\u00a0<\/a><\/p>\n

The payment provider has also been hit by several successful look alike scams<\/a>.<\/p>\n

Other scams send bogus payment or invoice requests<\/a>\u00a0using PayPal directly.\u00a0<\/p>\n

PayPal allows anyone with an account to send an invoice, and scammers exploit this feature to make their schemes seem legitimate.\u00a0\u00a0<\/p>\n

The number listed in the invoice claims it is the contact for PayPal, but it takes users to a thief who is ready to take their money.\u00a0<\/p>\n

Calling the fake support number is the worst thing you can do.<\/p>\n

The scammer might ask for your login details or payment card information to ‘resolve the issue.’<\/p>\n

In some cases, they’ll install malware on your device, stealing passwords and financial details in the background.\u00a0<\/p>\n

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