Coinbase has introduced a new feature to its wallet service, streamlining international fund transfers. This new update aims to make transferring funds as easy as sending a text message.
Coinbase Introduces Link-Based Money Transfer Service
Coinbase (Nasdaq: COIN) has launched its latest wallet feature that facilitates global fund transfers. The platform now allows users to transfer money through multiple channels, including widely used messaging and social media apps, by simply sharing a link.
Announced on Tuesday, Coinbase explained that this feature avoids the need for complex banking details and costly electronic transactions, offering free, immediate settlements. The update includes compatibility with various social networks and messaging applications such as Whatsapp, Instagram, Tiktok, Facebook, Telegram, Snapchat and also via email.
Basically, the service works on any platform capable of sharing a link. Coinbase clarified that if the recipient does not claim the funds within two weeks, it will automatically revert them back to the sender. Coinbase’s new payment method is similar to those offered by large payment companies such as Paypal and Stripe.
Paypal facilitates link-based transactions through a service called Paypal.me. In this service, people can generate a personalized link to request payments directly to their Paypal account. The Paypal feature can be used for cryptographic payments associated with the selected digital assets it supports.
Aimed at both novice and experienced users, Coinbase has also implemented a “simple mode” in its non-custodial wallet. This feature focuses on basic functionalities such as buying, sending, receiving, and protecting digital currencies.