Bitcoin Industry

Coinbase Introduces a PayPal-like Merchant Solution for Crypto

JP Buntinx | February 13, 2018 | 11:30 am
Coinbase
Bitcoin

Coinbase Introduces a PayPal-like Merchant Solution for Crypto

JP Buntinx | February 13, 2018 | 11:30 am

Making cryptocurrency payments more convenient to use is a difficult task. Consumers often struggle to find platforms or shops accepting this form of payment. Store owners are not too convinced whether or not such payments offer them any benefits. Coinbase has come up with a solution which may resolve some of the concerns. Their new merchant service is very similar to PayPal and provides a lot of convenience.

The new Coinbase Commerce platform is pretty appealing for merchants. They can seamlessly integrate cryptocurrency payments on their online platform. In many ways, it seems tor example a PayPal checkout option, but for establishing cryptocurrencies. Payment options accepted include Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. These are all the major currencies supported by Coinbase at this time. Moreover, this new solution no longer requires buyers to have an account with the cryptocurrency company either.

Coinbase Commerce is an Intriguing Solution

Making the whole ordeal of dealing with cryptocurrency more convenient is a smart decision. Coinbase is seemingly intent on rivaling BitPay when it comes to processing cryptocurrency payments. More competition among payment processors can only be considered to be a good thing. Not only will it give retailers more options, but it also makes it more convenient for customers to make purchases. No longer needing a Coinbase account is definitely a step in the right direction.

For now, the new Commerce service is not open to new signups. This seems to indicate a version of the platform was either leaked or simply demoed to the public. Some merchants are apparently using this new service as we speak, which is rather interesting. It is possible this is all part of a private beta test, but the company remains rather quiet on that front. With its seamless integration, this Commerce option will certainly prove to be enticing to e-commerce players.

What is rather interesting is which coins as prioritized. Rather than using an alphabetical order, Coinbase Commerce lists Ethereum as the first option. It is a bit unclear why that is the case, but it may be subject to change. Even so, the checkout process for all four currencies appears to be identical and very convenient. Payments can be made by copying the wallet address or scanning a QR code. Whether or not this solution can compete with PayPal, is a different matter, though. Credit cards are still far more convenient and commonly used than cryptocurrencies.

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  • Stephen

    Could they be using Raiden Network for Ethereum off chain payment settlements by any chance? As Raiden will support other blockchains in future it would be a sensible move and may explain why they’re prorating Ethereum payments.

  • Babak Abedian

    Here we go!!!

  • Mark W

    Coinbase is the worst of all the exchanges I’ve used, but they accept fiat, so what can you do? Also, the biggest, highest fees, etc. I expect the financial world to look at this as a pimple and try to ignore it.

    There are much bigger things coming soon. Lightning network, retailer acceptance, real world use cases. Decentralization is a good starting point, but lower fees, smart contracts, real data integrity is what will shake up the world.Not another Pay Pal that charges high fees to buyers AND sellers…

    • Greg Straw

      The fact they take fiat is one plus right now, the fees suck but man is it easy, I use it and hate the fees and wait time(on big buys) but I get what I want very easily, once your with them for a wile they raise you limit so I can get $2500 from my debt in seconds, I have got into some deals fast do to coin base and made some good money so the fees didn’t seem so bad at the time because I got what i wanted in a hurry and made some great buy on alt coins

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