San Jose, September 12: Global online payment giant PayPal unveiled a new capability on September 11, enabling web3 merchants in the United States to accept cryptocurrency payments from their customers.
The feature, known as “PayPal On and Off Ramps,” seamlessly integrates with PayPal’s existing service that permits U.S. consumers to purchase and trade cryptocurrencies backed by PayPal.
The introduction of PayPal’s On and Off Ramps will facilitate the integration of wallets, decentralized applications (dApps), and NFT marketplaces with PayPal’s payment system.
This integration is expected to offer customers in the United States a swift and smooth means of purchasing and trading cryptocurrencies.
This feature will take advantage of PayPal’s robust fraud management, chargeback handling, and dispute resolution security measures and resources.
As per PayPal, Web3 merchants have the opportunity to leverage this feature by integrating with PayPal’s dependable payment system, thereby expanding their customer reach.
Moreover, cryptocurrency wallet users in the United States can easily convert their digital assets into USD directly from their wallet to their PayPal balance. This enables them to make purchases, send funds, save money, or transfer it to their bank or debit card.
“By adding Off Ramps, crypto wallet users in the US can convert their crypto into USD directly from their wallet to their PayPal balance, so they can shop, send money, save or transfer to their debit or debit card,” PayPal said in a communiqué. 1
The feature “PayPal On and Off Ramps” has been made accessible to web3 merchants and is now compatible with MetaMask, a widely used cryptocurrency wallet and browser extension.
- PayPal: https://newsroom.paypal-corp.com/2023-09-11-PayPal-Introduces-On-and-Off-Ramps-for-Web3-Payments[↩]
