Coinbase has launched a new service, Coinbase Payments, aimed at enhancing the international payment process. The service, built on the Ethereum network, initially collaborates with Shopify to enable merchants to accept USDC transactions without needing blockchain expertise.
How is Cryptocurrency Revolutionizing Shopping?
In recent years, stablecoins have significantly gained traction in the international payment landscape. Traditional payment entities like Stripe and PayPal have started venturing into blockchain products. Coinbase reported an impressive $30 trillion in stablecoin transactions last year, tripling from the previous year.
Will E-commerce Embrace Blockchain Technology?
With the initiation of its partnership with Shopify, Coinbase Payments is venturing into e-commerce, enabling transactions to be completed without demanding technical know-how. This convenience is likely to boost its appeal in the sector. Analysts believe that the efficiency and clarity brought by blockchain technology might profoundly influence e-commerce transactions over time.
Impact of Coinbase Payments on the Market
Key features of the service include allowing direct, fee-free payments from wallets like MetaMask, Phantom, or Coinbase Wallet. The system requires no additional setup and serves as a fast and cost-effective alternative to traditional payment pathways. The success of Coinbase Payments hinges on consistently delivering benefits to customers and adapting to industry changes.
The launch of Coinbase Payments could signal the beginning of a new era in international commerce and financial transactions. The simplification of USDC use and the anticipated increase in competitive environment may contribute to the further spread of cryptocurrency.
