PayPal has made a progressive move to adopt crypto use cases by enabling cross-border transfers of US dollars converted from PayPal USD.
PayPal has continued its support for crypto adoption through a new announcement. It published a press release and announced the new feature of cross-border transfers. Users can convert their PayPal USD into US dollars and transfer it abroad. Moreover, Xoom, the company’s cross-border transfer service, has enabled this new feature.
The PayPal stablecoin has the US dollar as its underlying asset. Starting on April 4, the new feature will allow Xoom users to send money to around 160 countries. Moreover, the transactions won’t attract any fees. The PayPal stablecoin must be the users’ respective PayPal Cryptocurrency Hub.
The press release of PayPal also cited a World Bank report stating the high cost of cross-border transactions. The cost of sending just $200 was around 6%. As a result, PayPal claimed its new feature will enable PayPal stablecoin owners to indulge in affordable and smooth international payments.
Jose Fernandez da Ponte, a senior official of the crypto and blockchain division of PayPal, said, “Enabling U.S. users of Xoom the option to fund cross-border money transfers using PYUSD builds on our goal of driving mainstream adoption of cryptocurrencies while also offering an easy way to securely send money to friends and family at a lower cost.”
The press release further explains the steps for the PYUSD transactions in detail.
PayPal launched the PYUSD in 2023, creating a milestone for crypto use cases in payments. Since PayPal is one of the largest payment companies globally, the scale of crypto adoption from its stablecoin will be higher. Meanwhile, PayPal initiated crypto payment services back in 2022, proving its support for crypto.
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