Earlier this week, we had reported that Coinbase has started accepting British Pound deposits. The company has now rolled out a new service for merchants. The company is offering an e-payments app for online marketplaces.
With this WooCommerce plugin, merchants across the globe will be able to accept cryptocurrency payments.
WooCommerce, a popular e-commerce platform, can be easily integrated with WordPress, which is used by more than 30% of total websites on the World Wide Web. The e-commerce platform is said to be used by 28% to 37% of all online stores across the world.
WooCommerce’s official website indicates that the software has been downloaded more than 50 million times. The e-payment integration facility opens the possibility of cryptocurrency adoption in a big way.
According to the official blog post, Coinbase said “We’ve been hard at work the past few weeks and are happy to announce a WooCommerce plugin and a few other new features. This increased access will lead to more widespread adoption, and ultimately, moves us closer to our goal of an open financial system.”
The plugin can be downloaded from Coinbase Github. Necessary instruction for integration to WordPress platform has been provided as well. With this release, Coinbase hopes that a majority of online stores will start accepting crypto payments using this facility. The code provided on Github creates a small button on the ecommerce platform.
The button directs the customer to other processes related to payment with cryptocurrencies. Furthermore, Coinbase is also providing an added function of sending Bitcoin and Litecoin directly from Coinbase Commerce, which is Coinbase’s new e-commerce platform. Coinbase also has plans to add support for Ethereum and Bitcoin Cash in the future.
Coinbase revealed that Peer-to-peer payments are facilitated by Coinbase Commerce. This means, funds are directly transferred from client’s wallet to merchant’s wallet without being held anywhere or routed through third-party. The transactions are processed on the blockchain. The blog says “This means merchants never have to pay transaction fees to accept payments and always remain in complete control over their funds.”
Coinbase is expanding aggressively in the recent months. Merchants integrating the online crypto payment facility may see huge growth in business volume as Coinbase itself has more than 20 million users.