TL;DR
- Coinbase Wallet will soon launch a “tap-to-pay” functionality for cryptocurrency payments, competing with platforms like Cash App and PayPal.
- The tool will allow users to link bank accounts and move savings, investments, and spending directly on-chain.
- Coinbase is working on improving interoperability between Ethereum layer-2 platforms, which will enable smoother token transfers between Base, Arbitrum, and Optimism.
Coinbase Wallet will soon launch a “tap-to-pay” feature for cryptocurrency payments. This new tool will compete directly with platforms like Cash App, Venmo and PayPal.
The feature will allow users to make payments quickly and easily using their cryptocurrencies through Coinbase’s non-custodial wallet. It is currently in internal testing. The full launch is expected in the coming months, with a global rollout projected for the end of 2025.
Jesse Pollak, creator of the Ethereum layer-2 network Base and head of Coinbase Wallet, explained that the new feature will provide a more efficient, faster, and globally accessible payment experience. Users will be able to link their bank accounts to the wallet. This will enable them to move their savings, investments, and expenses directly on-chain.
Coinbase Aims to Outpace Traditional Payment Platforms
This initiative offers a key advantage: users will be able to access better rates and higher returns. The feature will also facilitate payments through stablecoins like USD Coin and Tether. These stablecoins can easily be converted into local currencies, enabling global transactions with lower costs and faster processing times.
The tap-to-pay feature primarily targets merchants who currently use traditional options like PayPal or Venmo. According to Pollak, Coinbase Wallet will provide these merchants with a faster, cheaper, and more global payment option. This could help drive broader adoption of cryptocurrency payments across various sectors. Although payment solutions based on stablecoins and cryptocurrencies are still limited, Pollak is confident that adoption will grow rapidly once merchants understand the benefits of cheaper and more efficient payments.
In addition, Coinbase is working on solving the interoperability issue between Ethereum layer-2 platforms. This will allow for smoother token transfers between Base and other Ethereum solutions, like Arbitrum and Optimism. Pollak expects greater integration between these platforms within the next six months
