Primer and Coinbase Forge Global Integration to Make Cryptocurrency a Standard Payment Method

Rhea-AI Summary

Primer and Coinbase have announced a global integration that allows merchants to accept cryptocurrency payments through Primer's Universal Checkout platform. This no-code solution enables merchants to add crypto payments quickly, responding to the increasing consumer demand—40% of users plan to utilize cryptocurrency for payments in the coming year. The integration aims to simplify the checkout process for merchants, offering benefits such as lower fees and reduced chargeback risks. Compass Mining has successfully onboarded, experiencing increased transaction volume since the integration.

Positive

• Integration of Coinbase Commerce allows for seamless cryptocurrency payment acceptance.
• Merchants can implement the solution with no coding required, enhancing user experience.
• Increased consumer demand for crypto payments, with 40% planning to use it in the next year.
• Successful onboarding of Compass Mining, resulting in higher transaction volumes.

Negative

• None.

Once integrated with Primer, merchants worldwide can activate Coinbase Commerce to meet growing consumer demand to pay with cryptocurrency for everyday purchases

LONDON, Oct. 18, 2022 /PRNewswire/ -- Primer, the world's first automation platform for payments and commerce, and Coinbase (NASDAQ: COIN) have announced a strategic integration that allows merchants in markets across the globe to add crypto as a standard method of payment at checkout.

Coinbase Commerce, Coinbase's platform to help merchants accept cryptocurrency payments, can be added to Primer's Universal Checkout with clicks, not code. This means merchants using Primer can now add crypto payments easily and quickly to their checkout page, which is critical given that 40% of global consumers say they plan to use cryptocurrency to make a payment within the next year.

"The payments landscape is evolving at a rapid pace, and consumers are expressing a tremendous amount of excitement for cryptopayments," said Roy Zhang, Group Product Manager, Coinbase Commerce. "Merchants are faced with the challenge of building seamless checkout experiences that offer consumers the flexibility they want. With Coinbase Commerce and Primer working together, any merchant can make secure cryptocurrency payments as readily available to their customers as traditional payment methods like credit cards."

Primer – which works with merchants operating across multiple industries through the UK, Europe, US and APAC – has experienced a growing appetite for crypto as a payment method. Merchants integrate with Primer once, and can then add Coinbase Commerce to their checkout page in just a few clicks, thereby seamlessly meeting increased customer demand for crypto payments, while also reaping benefits like lower fees and risk of chargeback rates to near-instant settlement and futureproofing their checkouts.

Together, Primer and Coinbase are streamlining crypto payment acceptance by eliminating the many individual and fragmented integrations merchants must build to accept different types of payment methods. With Coinbase, the challenges facing merchants around holding and managing cryptocurrency are removed, and with Primer, the complexity of adding crypto to their checkout is replaced with an easy, one-click solution.

"Cryptocurrencies are a fast-evolving reality of the payment landscape, and we're excited to integrate Coinbase Commerce into Primer's Universal Checkout to create the first solution that helps merchants easily and quickly accept cryptocurrencies," said Primer co-founder Gabriel Le Roux. "We share an ambition to make crypto a commonly accepted payment method, and we want to help merchants implement it with the same ease and speed they'd experience with any other payment method. With Primer's unique, no-code integration, merchants anywhere in the world can now add crypto to their checkout in just a few clicks."

Seeking to manage an increasingly complex checkout experience as well as offer crypto payments, Compass Mining, one of the largest Bitcoin mining operations worldwide, became the first Primer merchant to connect with Coinbase. Since integrating Primer and Coinbase Commerce, Compass Mining has benefited from increased month-over-month transaction volume with high crypto authorization rates and low decline rates.

"We love the simplicity of quickly adding new connections like Coinbase Commerce and other payment providers within the Primer platform," said Jameson Nunney, Chief Strategy Officer at Compass Mining. "We believe that this implementation will be instrumental in helping us reach our goal of growing globally and helping more people learn, explore and mine Bitcoin."

Coinbase Commerce is the first of several cryptocurrency platforms connected to Primer, providing Primer's fast-growing, global network of merchants the flexibility to integrate even more payment methods into their checkout.

About Primer
Primer is the world's first automation platform for payments and commerce, offering merchants the underlying infrastructure they need to build better buying experiences for their customers.

For the first time, merchants can connect and control their entire payment and commerce stack, and build their ideal payment flows autonomously from scratch. Plug in any desired payment and commerce solution with 1-click connections, define logic across the entire commerce lifecycle with a drag-and-drop workflow editor, and create seamless checkout experiences that meet today's consumer expectations.

Primer was launched in 2020 by Paul Anthony and Gabriel Le Roux, former Braintree/PayPal colleagues. The fully-remote company, which now operates in over 30 countries, has raised over $74M and is backed by Iconiq, Accel, Balderton, Seedcamp, Speedinvest and RTP Global.

www.primer.io 

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SOURCE Primer

FAQ

What is the significance of the Coinbase and Primer integration?

The integration allows merchants to easily accept cryptocurrency payments, meeting the growing consumer demand.

How does the Coinbase Commerce platform benefit merchants?

It streamlines the payment process by allowing quick integration without coding, reducing transaction costs.

When was the Coinbase and Primer integration announced?

The announcement was made on October 18, 2022.

What percentage of consumers plan to use cryptocurrency for payments?

40% of consumers indicated they plan to use cryptocurrency for payments within the next year.

Which company was the first to integrate with the new Coinbase and Primer system?

Compass Mining was the first merchant to connect with the Coinbase Commerce platform.