Global online payment giant PayPal has announced a new feature that will allow web3 merchants to accept cryptocurrency payments from their customers in the United States.
The feature, called PayPal On and Off Ramps, is an integration with PayPal's existing service, which allows US consumers to buy and sell PayPal-backed cryptos.
PayPal On and Off Ramps will enable wallets, dApps and NFT marketplaces to integrate with PayPal's payment platform, providing customers with a fast and seamless way to buy and sell crypto in the US. The feature will also benefit from PayPal's fraud management, chargeback and dispute security controls and tools.
According to PayPal, Web3 merchants can take advantage of this feature by connecting to PayPal's reliable payment experience and growing their user base. Additionally, crypto wallet users in the US can convert their crypto to USD directly from their wallet to their PayPal balance, so they can shop, send, save or transfer to their bank or debit card.
PayPal had this to say about the new feature:
“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 On and Off Ramps is now available to web3 merchants and is available on MetaMask, one of the most popular crypto wallets and browser extensions.
*This is not investment advice.