Coinbase to launch PayPal-like service for crypto payments

Coinbase to launch PayPal-like service for crypto payments

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Coinbase, one of the largest cryptocurrency brokers and exchanges in the world, is privately testing a payment option for merchants, called Coinbase Commerce, report several media. The service will be similar to that of PayPal, but instead of fiat currencies, payments will be available for cryptocurrencies.



The most obvious rival in the segment is BitPay.

According to the reports, the service will support payments with Bitcoin, Ether, Bitcoin Cash and Litecoin. The new solution not require buyers to have an account with the cryptocurrency company and the payment confirmation would take 15 minutes.

The new service has not been officially launched or announced yet, but according to media reports, is in a private beta testing mode and some merchants are already testing the service. The fee will reportedly be 1% of the transaction. Compared to PayPal, which charges 2-3%, plus 0.3 cents on each transaction, the Coinbase Commerce would be quite attractive.

The Coinbase Commerce site does not give any information and says it does not accept new sign-ups, but the interested parties can join the waiting list.

coinbase commerce

Currently has a Coinbase Merchant service. With it clients can pay for various services or goods in cryptocurrencies. Among those using it is the hotel and tourism services portal Expedia, Dell, Wikimedia Foundation, the satellite provider Dish, the internet retailer Overstock, etc.

However, both the buyer and the seller must have an account at Coinbase. According to the media reports, the Coinbase Commerce will not require this and one only needs one of the supported cryptocurrencies.

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