As per a latest Bloomberg Report, PayPal is expanding its PYUSD stablecoin integration across more products this year with an aim to serve its 20 million merchants. The move will allow merchants to easily pay and receive payments in stablecoin through a new bill-pay feature. The plans were revealed during PayPal’s annual investor day, unveiling its new merchant product launches and offerings.
Michelle Gill, who leads PayPal’s small business and financial services unit, explained that the goal is to help merchants onboard more vendors for seamless transactions. She emphasized that PYUSD would reduce currency conversion fees and payment delays.
“A lot of the payments we’re expecting are going to be cross-border because merchants in the US are seeking to pay vendors and suppliers abroad,” she noted.
PayPal To Integrate PYUSD Into Hyper wallet
Besides, PayPal plans to integrate PYUSD stablecoin into Hyperwallet this year. Hyperwallet, one of PayPal’s key acquisitions, allows businesses to send payments to freelancers, contractors, and sellers worldwide.
PayPal acquired Hyperwallet for $400 million in 2018 and is now turning it into a crypto-powered payout system. PYUSD payouts will launch in the first half of this year, offering businesses a faster, cheaper way to send global payments without banks. Thi