Shopify to Accept USDC Stablecoin on Base Network
Shopify enables USDC payments via Coinbase and Stripe.
Shopify is partnering with Coinbase and Stripe to introduce frictionless, secure stablecoin payments to merchants worldwide. The stablecoin, like USDC, has grown to over a trillion dollars in monthly payment volume and is now available for merchants to accept globally on the Base network. Merchants can use USD Coin on Base from hundreds of supported crypto wallets, on guest checkout, and with Shop Pay.
A new smart contract-based payment system created especially for e-commerce powers the integration, according to Shopify CEO Tobi Lütke.
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Shopify Connects Stripe and Coinbase to USDC Payments
In order to incorporate USDC stablecoin payments on the Base network, Shopify has partnered with Coinbase and Stripe. With speedier and more seamless transactions for both customers and merchants, this partnership represents a major step towards the widespread use of cryptocurrencies in e-commerce. Both have developed a smart contract that combines the flexibility of credit cards with the speed and global reach of stablecoins, enabling real-world commerce. This calculated action fits nicely with the global trend of blockchain-based payment systems.
Smart contracts offer refunds, chargebacks, and compliance.
Both Companies are introducing the Commerce Payments Protocol, a new standard for scalable, trustless commerce. They are currently enabling USD Coin payments for select Retailers and want to expand to millions of Shopify stores globally. Most onchain payments today are ineffective for merchants because they lack features like refunds and tax finalisation. Shopify will handle USD Coin ammount later this year, beginning with a test for select US and European Traders in late June before spreading to the entire site. The feature will be opt-out. The payment protocol, which was developed with Coinbase and integrated with Stripe, runs on Base and allows for refunds and chargebacks.
Merchants can use Shop Pay, guest checkout, or crypto wallets.
Through collaborations with Coinbase and Stripe, company has incorporated the stablecoin USD Coin into its Shopify Payments platform. The Base blockchain network integration, which is currently in early access, enables retailers worldwide to take USDC payments from clients. When checking out, customers can use wallets that support USDC, such as Shop Pay and guest checkout. Traders have the option to claim USDC straight into their wallet or receive their local currency by default, free of international transaction or exchange costs. The continued collaboration with Stripe makes it even simpler for businesses to accept cryptocurrency amount, giving them greater control over how they handle their money.
In the past, customers could use cryptocurrency to pay Shopify shops with plugins like Coinbase Commerce or Solana Pay, but going forward, Base will automatically offer the option to pay with USDC. In order to facilitate the future shopping experience, the two collaborated with payments giant Stripe to create a permissionless pay protocol and smart contracts that permit ever-more-complex payment methods.
Stablecoins Unlock Global Reach for Merchants Bring Secure, Seamless Global Payments
Stablecoins, like USDC, offer stability without compromise, maintaining a constant value backed by US Dollar reserves. They provide a safe, reliable currency for traders, while Base, built by Coinbase, offers fast, borderless transactions. Buyer wallets have also improved, allowing users to hold and spend digital currencies with ease, enhancing the customer experience. Adopting stablecoins allows merchants to do more than simply accept a new money amount option; it also allows them to enter international markets, attract clients from around the world, and participate in the future of accessible, borderless commerce.
Shopify's USD Coin payment initiative could revolutionize e-commerce by enhancing transparency, flexibility, and scalability, as more merchants adopt USDC payments. It is dedicated to creating an environment where ideas and commerce may coexist peacefully.
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