Shopify has integrated USDC stablecoin payments into its platform through partnerships with Coinbase and Stripe, allowing merchants to accept USDC payments globally via the Base blockchain network. Here's how it works ¹ ² ³:
- *Key Features*:
- *Early Access*: The integration is currently in early access, enabling merchants to accept USDC payments from customers worldwide.
- *No Additional Setup*: Eligible merchants don't need to set up new integrations or gateways, as USDC payments will be automatically available through Shopify Payments.
- *Settlement Options*: Merchants can receive settlement in their local currency without foreign transaction or exchange fees or opt to receive USDC directly into their crypto wallet.
- *Benefits*:
- *Global Reach*: Stablecoins like USDC offer stability and facilitate borderless transactions, enabling merchants to expand into international markets and attract global customers.
- *Secure and Seamless Payments*: The integration provides a secure payment experience, leveraging the Base network's fast and reliable transactions.
- *Cash Back Incentives*: In the US, Shopify plans to offer customers 1% cash back on USDC payments later this year, at no additional cost to merchants.
- *Technical Details*:
- *Base Network*: The integration utilizes Coinbase's Ethereum layer-2 (L2) network, Base, to process transactions efficiently.
- *Smart Contract*: Shopify and Coinbase have jointly developed a new smart contract and open-source payment protocol to handle commerce-specific needs like tax calculation, delayed capture, and refunds ¹.
