- Coinbase has announced a significant update to its Coinbase Commerce product.
- This initiative, according to Coinbase, aims to simplify and standardize onchain payments.
- The new update will also address several issues that merchants and customers face during transactions.
Coinbase, a crypto exchange, has announced a significant update to its Coinbase Commerce product, introducing a revamped experience based on the newly launched open-source Onchain Payment Protocol. This initiative, according to Coinbase, aims to simplify and standardize onchain payments, offering merchants and customers a seamless, low-cost, and volatility-free transaction environment across various currencies and networks, including Base and other EVM networks.
Stating the reason behind this update, the announcement mentioned that merchants often struggle with crypto volatility, while consumers find the payment experience daunting. The updated Commerce product addresses these issues head-on by “providing a more seamless experience designed to tackle common crypto transaction issues. “
Central to this update is the Onchain Payment Protocol, a universal standard developed by Coinbase Commerce to unify and streamline onchain payments. The protocol, now open source, encourages collaboration by allowing other payment processors and businesses to build upon it, promoting accessible and user-friendly gateways to onchain payments. Mentioned below are some of the key features as highlighted in the press release.
Key Features for Merchants:
- Easy Onboarding and Processing: Merchants can accept their first payment in minutes with simplified onboarding and out-of-the-box integrations with popular platforms like WooCommerce, Primer, and Jumpseller.
- Volatility-Free Conversions: The protocol automatically converts customers’ chosen currency to USDC at a guaranteed rate, simplifying accounting and operations for businesses.
- Hundreds of Currencies, One Integration: Merchants can enable customers to pay with their preferred wallet and currency across Base, Ethereum, and Polygon, with more network support coming soon.
- Instant Payment Settlement: Merchants can receive funds directly in their chosen wallet, ensuring instant, error-free payments with lower decline rates and chargeback risks compared to traditional payment methods.
Key Features for Customers:
- Dependable and Accurate Payments: Coinbase Commerce delivers reliable and accurate payments, ensuring the correct amount of funds is transferred on the correct network every time.
- Hundreds of Currencies, Multiple Wallets: Customers can pay with their preferred wallet and currency across Base, Ethereum, and Polygon.
- Pre-Configured Payment: Commerce shares payment information directly with customers’ wallets, eliminating the need for manual data entry.
- Retail Payment Support: Coinbase Commerce enables seamless checkout in just a few clicks for Coinbase’s millions of verified users.
- Instant Payment Confirmation: Real-time transaction validation provides customers with immediate assurance.
Coinbase promises to enhance the payment experience, reflecting the growing demand for user-friendly and efficient onchain transactions. Furthermore, the crypto exchange is expecting that the adoption of the Onchain Payment Protocol and its open-source nature are poised to bring positive changes not only to Coinbase users but to the broader crypto payment ecosystem.