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Coinbase Commerce is setting a new standard for onchain payments: faster, cheaper, and more seamless

TL;DR: Coinbase Commerce is introducing an updated experience, built on top of our new open source Onchain Payment Protocol, to simplify and standardize onchain payments. This enhancement offers merchants volatility-free payments, low transaction fees, and instant settlement across hundreds of currencies, available on Base and other EVM networks.

By Coinbase

Product

, November 16, 2023

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At Coinbase we believe that onchain is the new online. Just like the internet broke down barriers, democratized access to information and made knowledge universally available, we believe crypto is doing the same with broader access to financial services and commerce. A big next step in our vision is to make payments faster, cheaper, and global. Today we are announcing a large update to our Coinbase Commerce product, now built on top of our new open source Onchain Payment Protocol, which offers instant settlement, low fees, and broad asset support to improve the payment experience for merchants and their customers. 

Thousands of merchants globally have trusted Coinbase Commerce to accept billions of dollars in onchain payments. Yet, merchants often struggle with crypto volatility, while consumers find the payment experience daunting. Our updated Commerce product solves these challenges by providing a more seamless experience designed to tackle common crypto transaction issues. Commerce enables anyone with an internet connection an easy way to accept payments from customers around the globe.

Central to this product update is our Onchain Payment Protocol, a universal standard we've developed to unify and simplify onchain payments. This solution ensures clarity, reliability, and a consistent experience for all users, irrespective of their platform or wallet choice. We've made this protocol open source, allowing other payment processors and businesses to build upon it and promote accessible, user-friendly gateways to onchain payments. 

What does this enable for merchants?

For merchants, this update offers numerous benefits to both their business and customers. A single setup and easy integration enables merchants to facilitate onchain transactions, enjoy volatility-free payments, benefit from low transaction fees, and receive instant settlement in hundreds of crypto assets. 

  • Easy onboarding and processing: Accept your first payment in minutes with simplified onboarding and out-of-the-box integrations with platforms like WooCommerce, Primer, and Jumpseller.

  • Volatility-free conversions: The protocol automatically converts your customer's chosen currency to USDC at a guaranteed rate, streamlining accounting and operations for your business.

  • Hundreds of currencies, one integration. Let your customers pay with their preferred wallet and currency across Base, Ethereum, and Polygon, with more network support coming soon. 

  • Instant payment settlement: Receive funds directly in your wallet of choice while ensuring instant, error-free payments with lower decline rates and chargeback risks compared to traditional payment methods.

What does this enable for customers?

Commerce delivers dependable and accurate payments, ensuring the right amount of funds are transferred on the correct network every time. Say goodbye to payment blunders and hello to seamless, secure transfers. 

  • 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 their wallet, removing any need for manual data entry. 

  • Retail payment support. Commerce enables seamless checkout in just a few clicks for Coinbase’s millions of verified users.

  • Instant payment confirmation. Real-time transaction validation for immediate assurance.

Getting Started 

We're excited about this new chapter and invite you to be a part of it. If you are looking to explore the global reach of onchain payments and step into the future of payments with Coinbase Commerce, get started here. If you want to learn more or talk to our team, you can reach out here

Already a Coinbase customer? Log in to your account to explore these new features. As always, stay tuned for more exciting updates coming your way!

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