Send money via TikTok or WhatsApp?  Coinbase simplifies peer-to-peer payments

Send money via TikTok or WhatsApp? Coinbase simplifies peer-to-peer payments

Easier, cheaper and faster. No, it’s not the lyrics of a famous Daft Punk song, but the language elements of the latest product that Coinbase has launched, which will greatly simplify the transfer of money between individuals. This new system for sending USDC, which is available thanks to Coinbase Wallet, is announced as a small revolution because “ easier, cheaper and faster “. Let’s take inventory of this technology that will be available through all social networks, messages and even email. The adoption by the general public is happening and this type of service will inevitably accelerate it.

Send money halfway around the world with a simple link

The money transfer world has been buzzing for decades around a few players who have happily profited from it monopoly in a sector with little competition. MoneyGram, WesternUnion and several international banks then relatively offered transfer systems slow, but especially expensive for populations forced to use these products. We are referring here to diasporas in particular, who send a lot of money to their country of origin and pay very high fees.

But in recent years, FinTech and leading crypto companies have begun to disrupt this small, civilized world by providing new, much more accessible services to ordinary people. fast and definitely cheaper. Right in this niche Coinbase just placed with this new stablecoin transfer system via link. The operation is like this simple that it should quickly find buyers and even bring new users to cryptocurrencies, and of course this is part of the goals Brian Armstrong.

News, social media, email, Coinbase is in every pocket

In detail, all that is required for a user who owns a Coinbase Wallet is to define a amount to be transferred and send a link recipients. On the other side of the transaction, there are two solutions: either the recipient already has a Wallet home and start the transfer. Either he doesn’t have a Coinbase wallet, in which case he’ll need to download it to proceed with the transfer. In a blog post introducing the product, Coinbase assures that handling has been simplified so as not to discourage the less tech-savvy among us.

But the real novelty is the way to send this link, which can be shared on almost all possible media. This applies mainly to various Courier services like Telegram, iMessage or even WhatsApp, but also social networks like Facebook, Snapchat, TikTok or Instagram and for most old schoolyou can even send a link via by e-mail ! It’s hard to be more comprehensive in this genre.

The transfer will be made in USDC, Coinbase’s internal stablecoin, with no shipping fees. The recipient will have two weeks to claim the transfer, after which the money will be returned to the sender. The service will be available in 20 languages ​​and 170 countries through the Coinbase Wallet. It will also be interoperable with new cryptocurrency-linked payment systems such as Instant P2P Bank in Nigeria, GCash in the Philippines and Pix in Brazil.

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