Coinbase Launches Stablecoin Payments service for E-Commerce
Hey Payments Fanatic!
Last week, Coinbase dropped a few major updates, including a partnership with Shopify that brought USDC payments to checkout. It already felt like a big step, but now, it’s starting to look like the reveal of something much bigger.
Coinbase has now introduced Coinbase Payments, a full-stack system designed to help merchants support stablecoin payments at scale. This is viewed a potentially big leap forward in the mainstream adoption of cryptocurrencies meant to track the US dollar.
Powered by Base, its Coinbase's Ethereum Layer-2 network, the platform enables global, 24/7 USDC payments without the typical crypto friction.
The system is already live with Shopify and built for broader use. Payment service providers, marketplaces, and ecommerce platforms can add USDC support without reworking their infrastructure. It’s made up of three core parts:
- Stablecoin Checkout for smooth, gasless transactions;
- eCommerce Engine with APIs for authorizations and refunds;
- Open-source protocol that brings traditional features like escrow into a decentralized environment.
For merchants, it means customers can pay with wallets like Coinbase Wallet, MetaMask, or Phantom, without needing to understand how the blockchain works. Fiat offramps and programmable rewards are also on the roadmap.
This launch comes on the heels of landmark stablecoin legislation passing the U.S. Senate on Tuesday and amid a sharp rise in stablecoin usage. According to Coinbase, over $30 trillion in stablecoin transactions were processed globally last year, that's 3x 2023's figure.
Read more global payment industry updates below 👇 and I'll be back with more on Monday!
Cheers,
INSIGHTS
🇪🇸 The future of eCommerce by Getnet: How businesses can meet the changing payment needs of the modern shopper. Various factors will play a significant role in influencing eCommerce’s future trajectory. This article will discuss the key needs of today’s online shoppers and steps businesses can take to ensure they’re meeting them.
NEWS
🇨🇱 KLog.co has introduced Kredit, developed in partnership with Getnet Chile by Santander, a new feature that allows customers to pay invoices directly on the platform using a credit card. Kredit simplifies the payment process. Clients receive a weekly email with pending invoices and can pay them online with just one click, receiving an instant receipt
🇧🇩 Google Pay is coming to Bangladesh. City Bank has announced that, in partnership with Mastercard and Visa, it is set to launch Google Wallet. Customers will be able to use Google Pay to enjoy seamless payment services, ensuring secure, tap-and-go purchases using their smartphones at any contactless terminal.
🇬🇧 Toqio and Adyen partner to accelerate embedded finance globally. Through this partnership, Adyen’s global acquiring infrastructure becomes available via the Toqio Marketplace, enhancing Toqio’s embedded finance proposition while enabling joint clients to rapidly deploy scalable, multi-market payment solutions.
🇲🇾 Instapay Technologies raises RM13 million to expand remittance and B2B services. The funds will be used to expand its product offerings, enhance its cross-border payment capabilities, and support new market growth.
🇨🇳 UOB Becomes Direct Participant in China’s Cross-Border Payment System. UOB will offer RMB clearing, settlement, and payment services to businesses and financial institutions in and outside China. The bank said this enables real-time gross settlement and reduces intermediary steps, helping clients lower payment and clearing costs.
🇰🇪 Chpter’s Flutterwave deal opens 11 new markets for WhatsApp-based selling. The deal allows Chpter customers to accept payments using mobile money, cards, and bank transfers. Merchants in the new countries can collect payments in local currencies or USD.
🇨🇦 Zūm Rails partners with Western Union, facilitating real-time transactions from Canada to the world. The partnership will, in turn, enable the company to drive real-time movement of funds for Western Union customers using Interac eTransfer. With Interac eTransfer, customers can instantly fund their money transfers in Canada, then send the money anywhere in the world.
🇬🇧 FX FinTech Glyde raises £450k to reshape global transfers. The new capital will be used to expand Glyde’s engineering team, speed up product development, and grow the company’s presence in the UK and international markets. Continue reading
GOLDEN NUGGET
🇧🇷 How do consumers pay in Brazil?
𝗖𝗿𝗲𝗱𝗶𝘁 𝗖𝗮𝗿𝗱𝘀:
The dominant force in Brazilian e-commerce, processing a massive 𝗨𝗦𝗗 𝟭𝟰𝟵𝗕 (43%) in 2024.
Visa, Mastercard, and American Express lead the international pack, while local giants Cartão Elo and Hipercard Administradora de Cartões de Crédito Ltda. have carved out their own significant market share. The credit culture runs deep in Brazil, with installment payments ("parcelado") being a cornerstone of consumer spending.
𝗣𝗜𝗫:
Brazil's instant payment revolution is processing an incredible 𝗨𝗦𝗗 𝟭𝟯𝟴𝗕 (40%)!
From street vendors to major retailers, PIX has become woven into the fabric of Brazilian society.
This Banco Central do Brasil initiative proves that when you combine zero fees, instant transfers, and 24/7 availability, you create a payment method that transforms an entire nation's financial behavior.
𝗕𝗼𝗹𝗲𝘁𝗼:
At 𝗨𝗦𝗗 𝟮𝟴𝗕 (8%), this traditional payment method shows remarkable resilience in the digital age. It continues to serve millions of Brazilians, especially those who prefer cash-based transactions or lack access to traditional banking services. It's a perfect example of how legacy payment methods can adapt to the e-commerce era.
𝗗𝗶𝗴𝗶𝘁𝗮𝗹 𝗪𝗮𝗹𝗹𝗲𝘁𝘀:
Surging to 𝗨𝗦𝗗 𝟮𝟰𝗕 (7%), Brazil's digital wallet ecosystem is thriving. PicPay leads the local players, while Mercado Pago dominates the e-commerce space.
PayPal maintains a strong presence, particularly in international transactions and high-ticket purchases.
𝗗𝗲𝗯𝗶𝘁 𝗖𝗮𝗿𝗱𝘀:
At 𝗨𝗦𝗗 𝟯.𝟱𝗕 (1%), debit cards have seen their e-commerce share significantly impacted by PIX's rise. Why use a debit card when PIX offers instant transfers with better user experience and zero fees?
𝗕𝗡𝗣𝗟:
Also at 𝗨𝗦𝗗 𝟯.𝟱𝗕 (1%), but growing rapidly as PIX Parcelado becomes the preferred installment payment method.
Source: Tony Cueva Bravo
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