This Monday, the online payment service application PayPal announced to its users that it will now allow accepting payments in more than 100 types of cryptocurrencies, in a new service called "Pay with Crypto".

The application that serves as a digital wallet and where you can associate debit cards, credit cards and bank accounts will now allow companies to accept payments in cryptocurrencies including the most recognized: bitcoin and ethereum.

The company informed its customers that with this service they will be able to make purchases in addition to using electronic wallets such as Coinbase and Meta Mask, and explained that payments will be automatically converted to fiat currency or stable coin, what stands out about this new system is that companies will also be able to obtain a beta version

In this regard, Alex Chriss, president and CEO of PayPal commented that with more than 25 years of experience in payments, We allow users to link their wallet, pay with any token, instantly convert it to PYUSD, and deliver USD to merchants in seconds. The result? Merchants pay lower fees and can use the funds instantly, he said. Chriss also highlighted that “cryptocurrencies promised a more affordable financial system and instant global transfers. However, challenges remain: extreme price volatility, complex, error-prone wallets, and irreversible transactions with no easy way to issue refunds.” Paying with cryptocurrency helps alleviate these challenges," he said.

Although PayPal already has its own PayPal USD or PYUSD currency backed by the US dollar, this change will be interesting for its users as it will simplify cross-border trade, reduce fees, among other benefits.