Paxful has launched a new e-commerce payment solution. Paxful Pay will allow merchants to be paid in Bitcoin while customers pay in local currency. The service will allow consumers to use around 400 different payment methods that will be converted to BTC and deposited into the business’s digital wallet. Among these 400 different methods are services such as PayPay and Zelle Pay.
Once deposited, Paxful Pay will allow merchants to manage their wallets and convert their bitcoins to local currency via the Paxful Marketplace. Transactions with Paxful Pay will be handled through the Paxfuls P2P Bitcoin exchange platform. Meanwhile, all fees will be borne by the buyer and seller at zero expense when using Paxful Pay as a seller. While the focus at the launch of Paxful Pay is Bitcoin, the platform plans to offer support for Tether and other stablecoins. Also, Paxful plans to add BTC to local currency conversions in the near future.
Bitcoin payment e-commerce tool on Paxful
Although Paxful Pay launched this morning, the company says it already has over 100 merchants on the platform and will add more in the coming weeks.
Ray Youssef, CEO and co-founder of the platform, expressed his idea behind the project as follows:
“In many parts of the world, we see people using Bitcoin as a financial instrument to purchase goods and services. Bitcoin has a few different use cases that we’re just starting to use, and e-commerce is a great example. At Paxful, it is imperative that we give users and businesses around the world the opportunity to leverage the power of Bitcoin to achieve financial freedom.”
For e-commerce customers, this move allows them to choose Paxful Pay just like any other payment method. Paxful Pay account also allows users to access Paxful Marketplace and Paxful Wallet. This is not the company’s first entry into the retail payments world. It previously offered debit cards linked to crypto wallets and even allowed users to trade gold for Bitcoin.