It is an alternative to Cash App, Venmo, and similar applications and provides a faster solution to using cryptocurrency for real-time cross-border payments.
By December 2025, this feature will be available in 50 countries. Let’s look into what Coinbase Wallet has to offer.
Why Tap-to-Pay Could Be a Game-Changer
Jesse Pollak, the lead of Coinbase Wallet and the founder of Base, disclosed the feature at the recent DevCon event in Bangkok. “Tap-to-pay will be huge, particularly for all the stores and local merchants who use Venmo or PayPal.”
The feature is only in “internal alpha” and will be available to the public very soon. Coinbase Wallet offers users a faster, cheaper, and more global way to pay for things. It supports cryptocurrency payments across various areas.
LATEST: Tap and Pay crypto coming to Coinbase Wallet, L2 interoperability in months
Speaking to Cointelegraph, Coinbase’s Wallet lead and Base founder Jesse Pollak revealed the feature is in “internal alpha right now,” with a full rollout “coming very soon.” pic.twitter.com/quUCapbTCx
— Cointelegraph (@Cointelegraph) November 14, 2024
Making Stablecoin Payments Easier with Bank Account Links
Coinbase Wallet now offers extra features. People can now link their bank accounts to Coinbase. This integration lets people receive stablecoins like USDC or USDT directly into their Coinbase Wallet. USDC and USDT aren’t volatile like other digital currencies. They are well suited for paying for salaries or other incomes. People can now use stablecoins in exchange for local currency.
Pollak explains that merchants will see stablecoins as a better option once they realize using them costs less than credit card fees. Tap-to-pay and easy stablecoin transfers could make this process even simpler. These features allow Coinbase Wallet to offer customers and businesses a more affordable payment method.
hey everyone – some news: in addition to leading the @base team, i’ll be stepping up to lead @coinbasewallet and joining the @coinbase exec team.
i’m really excited to take on this new mandate and to accelerate our mission of bringing a billion people and a million builders…
— jesse.base.eth (@jessepollak) September 30, 2024
Solving Ethereum’s Layer 2 Interoperability Problem
Coinbase Wallet is moving to the next level of tap-to-pay and addresses a significant UX problem in the Ethereum space. This challenge involves coming up with integration points across Ethereum’s layer-2 systems. Until recently, L2 networks like Base, Arbitrum, and Optimism were independent, and it was challenging to switch between them and move assets from one to the other. Layer 2 is another area that Pollak says are reportedly working on. It plans to roll out a solution in the next six months or so.
The solution will use a two-part technical framework: ERC-7683 and RIP-7755. This framework will help connect layer-2 networks. When adopted through a single module such as Coinbase Wallet, users can control assets within significant Ethereum layer-2s. This setup will cut many of the current inconveniences.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted risk tolerance levels of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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