The Coinbase app has introduced a groundbreaking feature that allows users to send its stablecoin, USDC, to any recipient via phone number, email, wallet address, Ethereum Name Service (ENS), or paylink. This new capability makes peer-to-peer payments instant, accessible from anywhere around the globe, and comes with no limits or fees, enhancing the ease of transferring digital currency.
In an announcement shared on the platform X, Coinbase highlighted that users can make off-chain USDC transactions at no cost and can make up to 20 on-chain USDC transactions through Base for free each month, with network fees applicable thereafter. “Sending money should be as simple as sending memes,” Coinbase stated, emphasizing its commitment to simplifying crypto transactions globally.
Recent research from PYMNTS Intelligence and Ingo Payments sheds light on the rising adoption of peer-to-peer payment systems, particularly among younger demographics. The study revealed that at least 50% of millennials and Generation Z consumers utilize these payment methods for both online and in-store purchases, with 53% of individuals aged 18 to 25 reporting increased use of payment applications compared to previous times.
In a strategic move to expand its image beyond a mere cryptocurrency exchange, Coinbase has reportedly committed significant resources to market itself as a comprehensive financial platform, anticipating convergence between the crypto and traditional finance sectors. Shan Aggarwal, the company’s vice president of corporate and business development, indicated that the strategy aims to replicate services offered by traditional banks or brokerages, but in a superior manner.
Aggarwal noted that the first decade of Coinbase’s history focused primarily on crypto as an investment. The company is now transitioning into a second phase where it aims to position crypto as a holistic financial system that extends beyond investment and trading.
Coinbase has also been actively enhancing its offerings through various partnerships. A recent collaboration with Samsung enables Galaxy users in the U.S. to access the Coinbase One membership program directly from the Samsung Wallet app. Additionally, the company is preparing to launch a credit card in partnership with the American Express Network, along with a collaboration with JPMorgan Chase to facilitate easier cryptocurrency purchases for their shared customer base.
