The new Coinbase commerce API simplifies the payment process. Instead of manually creating the payment button when making payments, as it was the case before today, you can now dynamically generate an Application programming interface (API) which holds a dynamic charge to the customer.
This system differs greatly from when using credit cards. When paying for goods and services with a credit card, the merchant has to have your payment details for them to charge you. But with a digital currency, it’s the other way round, the customer holds the details and the merchant is only concerned with being paid not the customer’s personal details.
With the new Coinbase commerce API, the merchant will have to send a charge to the customer. A dynamic API will generate payment addresses for every cryptocurrency enabled by the merchant. The merchant will then have a hosted page with payment details that they will send to the customer for the completion of the payment.
Coinbase will then actively monitor the charge on every blockchain. But not for long because after the charge has been created, it will be active for 15 minutes after which it will expire. When the customer makes the required payment within the stipulated time, the dashboard is refreshed to include the payment details and a unique code assigned to the charge to help in retrieving the transaction details later.
The Coinbase commerce API was introduced this year in February although it has been used to create charges manually until the new update.
This update on the Coinbase commerce API was met with appreciation. A tweeter user tweeted “This is actually very good news, if the API allows being integrated as a payment option on any e-commerce then to pay in any currency we have on our Coinbase account, including fiat, it will really be a game changer.”
The new update by Coinbase shows how much the crypto industry is keen on making payments using digital coins as easy as it can be.
With the new Coinbase commerce API do you foresee higher adoption of payments using cryptos by both merchants and customers?
Let us know in the comments section below.