Shopify Adds USDC Payments to 34 Countries

Shopify, a prominent e-commerce platform, has introduced a notable update to its payment system, enabling merchants to receive payments in USDC, a stablecoin tied to the U.S. dollar, or in their local currency. This development, a joint effort with Coinbase and Stripe, is aimed at simplifying global commerce by offering merchants a borderless payment solution that eliminates foreign transaction and exchange fees.

The new feature will initially be available to Shopify merchants in 34 countries, with a phased rollout beginning on June 12. By the end of the year, all Shopify merchants will have access to this service. Merchants will have the flexibility to receive payments in USDC directly into their own wallets or convert them into their local currency automatically. This flexibility is intended to make the transition to crypto payments smooth and advantageous for businesses of all sizes.

Shopify's integration of USDC payments is part of a larger trend in the e-commerce industry towards embracing cryptocurrencies. Previously, merchants had to use third-party plugins to accept Bitcoin, Ethereum, or USDC. With this update, accepting USDC will be enabled automatically, with the option for merchants to opt-out if they prefer not to use the feature. This change underscores Shopify's dedication to making crypto payments more accessible and user-friendly.

The collaboration with Coinbase and Stripe is set to enhance the payment experience for both merchants and customers. The unique payment system developed by Shopify and Coinbase will support features like refunds, taxes, and staggered payments, making it easier for businesses to integrate crypto payments into their operations. Additionally, Shopify plans to offer up to 1% cashback to customers paying with USDC, while merchants who accept USDC will earn up to 0.5% back. This incentive is designed to encourage the adoption of USDC payments and provide additional value to both merchants and customers.

The integration of USDC payments on Shopify's platform represents a significant step towards mainstreaming stablecoins in e-commerce. By offering a seamless and cost-effective payment option, Shopify is helping to bridge the gap between traditional finance and the growing world of cryptocurrencies. This move is likely to attract more merchants to the platform, as well as customers who prefer the convenience and security of stablecoin payments.