Global payments giant PayPal has expanded access to its digital currency, PayPal USD (PYUSD), to users across Africa, including Eswatini, in a move expected to improve cross-border transactions and create new opportunities for local businesses and entrepreneurs.
The company announced that PayPal USD, a United States dollar-backed stablecoin, is now available in 70 markets worldwide through PayPal accounts. The development means emaSwati with access to PayPal can now buy, hold, send, and receive PYUSD directly from their accounts, while also benefiting from faster and lower-cost international payments.
The launch is particularly significant for Eswatini, where many small businesses, freelancers, creatives and online entrepreneurs rely on international payments from clients and customers abroad. Traditional cross-border transactions have often been slowed down by high bank charges, lengthy settlement periods and currency conversion costs.
According to PayPal, the expansion aims to make global commerce faster, more inclusive and more accessible, especially in emerging markets.
Senior Vice President and General Manager of Crypto at PayPal, May Zabaneh said the current global payment system still moves too slowly and remains expensive for ordinary users and businesses.
“Consumers and businesses around the world are looking for faster, more seamless ways to transact globally and the current system still charges too much, takes too long, and settles on timelines that were designed for a different era,” she said.
For Eswatini entrepreneurs operating online businesses, receiving payments in PYUSD could help improve cash flow by reducing waiting periods associated with international bank transfers. Businesses accepting PYUSD will reportedly gain access to their funds within minutes instead of waiting several days or weeks through traditional settlement systems.
PayPal’s Senior Vice President and General Manager for the Middle East and Africa, Otto Williams said bringing PYUSD to Africa is about helping businesses and consumers participate more effectively in the global economy.
“Consumers gain a flexible, stable way to move funds faster, while businesses can streamline cross-border payments, improve settlement times, and unlock new opportunities for growth,” Williams said.
The introduction of PYUSD could also benefit Eswatini’s growing digital economy, particularly among young entrepreneurs, content creators, software developers and tourism operators who increasingly depend on online platforms and international clients.
Stablecoins are digital currencies designed to maintain a stable value by being backed by traditional assets such as the US dollar. PayPal said PYUSD is fully backed by U.S. dollar deposits, U.S. Treasuries and similar cash equivalents.
The company first launched PYUSD in the United States in 2023 and says the wider international rollout marks another major step toward building a more connected global financial ecosystem.
PayPal currently operates in approximately 200 markets globally and has spent more than two decades developing digital payment solutions aimed at simplifying online commerce and money transfers.