Coinbase Waives Fees on PayPal’s PYUSD, Supercharging Crypto Payments
Hey Payments Fanatic!
Coinbase is making a bold move to accelerate crypto adoption by scrapping all fees on transactions involving PayPal’s stablecoin, PYUSD, and enabling direct redemption for U.S. dollars. This strategic alliance, announced Thursday, is a significant win for PayPal as it aims to cement PYUSD’s role in everyday payments and give merchants a direct alternative to traditional financial rails.
“This combination of being able to connect the consumer bases of PayPal and Coinbase, bringing our merchants to the table, bringing [Coinbase’s] institutional access to the table — we think that it creates a really, really powerful combination,” said Jose Fernandez da Ponte, PayPal’s senior vice president of blockchain, crypto and digital currencies.
Coinbase previously offered fee-free trades only to Circle’s USDC, but this expansion to PYUSD signals a push to make stablecoins mainstream. Lauren Abendschein, Coinbase’s global head of institutional sales, called the partnership “all about advancing the future of global payments, taking stablecoins mainstream, pushing forward this technology.”
With stablecoins’ market cap topping $238 billion, PYUSD’s $872 million slice could grow rapidly as PayPal and Coinbase explore further DeFi integrations and regulatory clarity looms in Washington
Read more global payment industry updates below 👇 and I'll be back with more on Monday!
Cheers,
Network & Run - Looking for a space where networking meets fitness?🏃♂️💬Join our weekly runs and connect with FinTech Fanatics while staying active! 📅Check out April/May schedule & Sign Up Here to be part of a vibrant community of over 19+ cities.
INSIGHTS
Pix has seen explosive growth since launch. Within the first year of operations, Pix was responsible for over 𝟲𝗕 transactions, a number which rose to 𝟰𝟮𝗕 in 2023. Last year, over 𝟲𝟯𝗕 Pix payments transactions were processed 🤯
PAYMENTS NEWS
🇺🇸 How to streamline banks’ payments as pathways proliferate. Payments orchestration centralizes traffic in a bank and sends it down the best path. As real-time payments and cross-border payments increase, setting up hubs will help banks keep up. Read the full article by Erich Litch from ACI Worldwide to learn more.
🇧🇷 Fiserv to acquire Brazilian financing engine Money Money. Fiserv plans to expand the range of payment, management, and cash flow solutions Fiserv’s Clover offers Brazilian small to medium-sized businesses. Money Money’s financing engine is connected to the receivables registry infrastructure regulated by the Central Bank of Brazil.
🇺🇸 eBay and Klarna deepen global strategic partnership to empower flexible shopping in the U.S. The expanded partnership reflects eBay’s continued investment in bringing more choice, flexibility, and control to buyers while enhancing affordability across key categories.
🇬🇧 WooCommerce partners with Affirm to expand BNPL checkout payment options. With the move, UK-based merchants using the WooCommerce platform will be able to integrate Affirm and offer their customers a wider range of customisable payment options at checkout.
🇸🇦 American Express Saudi Arabia and Tarabut pioneer a first-of-its-kind open banking experience to expand credit access. By partnering with Tarabut, AmEx Saudi Arabia is contributing to the Kingdom’s broader objectives of financial inclusion, while also offering a faster, more seamless, and secure credit journey.
🇺🇸 RTP® and FedNow transaction limit increase fuel instant payments surge. 84% of US banks say the new $10 million RTP® limit boosts their attractiveness, and 84% believe raising FedNow’s $500,000 cap will have the same effect. The results suggest larger transaction limits are helping to boost instant payment demand.
🇨🇦 VoPay launches embedded cross-border solution– A “Shopify" for Global Payments. Built for software platforms and financial institutions, the white-label technology enables organizations to move money globally with full transparency, compliance, and real-time FX, without building their cross-border infrastructure.
🇬🇧 PayPoint partners with Uber and Deliveroo to expand digital voucher services for retailers. The new partnerships allow retail partners to maximise opportunities for spontaneous purchases, attracting new customers and offering new gifting options with a wider range of digital gift card services.
🇧🇷 Pix by Proximity payment method has reached 1 million users, according to the Central Bank of Brazil. The process enables users to make instant payments by simply tapping their smartphones or other NFC-enabled devices against a payment terminal, without opening a banking app or logging in.
🌍 Worldline makes senior hires. The company welcomes three new leaders: Candice Dillon, Joachim Goyvaerts, and Tim Minall. With their exceptional leadership expertise, the fresh energy, and the cultural diversity they bring, the company is raising the bar to make Worldline robust, efficient, and offensive in supporting merchants and financial institutions in addressing their payment needs with the best possible customer experience.
🇺🇸 Payments processor Stripe to open Atlanta office, seeks state banking charter. The company plans to open an office in Old Fourth Ward this fall that could hold dozens of employees, and it has applied for a special-purpose state banking charter.
🇬🇧 RiseUp partners with Yapily to bridge the gap between financial insights and payments, offering financial institutions and their customers a powerful tool to achieve their financial goals. RiseUp’s partners can now turn these strategies into impact in the form of payments.
🌎 Western Union: migration slowdown reduces growth of remittances business. The provider of cross-border, cross-currency money movement, payments, and digital financial services saw its volume of Consumer Money Transfer transactions in the Americas decline by 2% in the first quarter, while its CMT business in the rest of the world, excluding Iraq, rose by 10%.
Want your message in front of 100.000+ FinTech fanatics, founders, investors, and operators?
Shoot me a message on LinkedIn or send me an e-mail.
Comments ()