TLDR
- Stripe has introduced USDC subscription payments on Base and Polygon blockchains.
- The feature supports over 400 wallets, making it accessible to a wide range of users.
- Stripe aims to reduce payment costs and improve the speed of cross-border transactions for U.S.-based businesses.
- Stablecoin payments on Stripe are designed to attract tech-savvy users and those who lack traditional payment options.
- The service streamlines recurring payments by eliminating the need for users to re-enter their transaction details.
Stripe has launched a new feature that enables subscription payments in USDC. This new service is available through the Base and Polygon blockchains. It aims to serve the 30% of Stripe merchants using recurring revenue models.
USDC Subscription Payments on Base and Polygon Blockchains
Stripe has partnered with Base and Polygon to facilitate stablecoin payments. This service will help Stripe’s U.S.-based businesses reach a broader global customer base. It offers faster settlements and lower fees for cross-border payments. Stripe believes that stablecoin payments can attract more tech-forward users and those without access to traditional payment methods.
The platform’s users can now make subscription payments directly from their wallets. These payments will settle in fiat currency. Stripe has designed the feature to simplify recurring payments by removing the need for customers to re-sign each transaction.
Improved Payment Processing for Stripe Merchants
Stripe’s new feature supports over 400 different wallets, expanding access for both merchants and customers. Alex Mashrabov, CEO of Higgsfield, commented,
“Stablecoin payments help us reduce our cost of revenue for payments globally.”
Stripe’s focus is on reducing barriers for tech-forward users while also providing more flexible payment options.
The integration of stablecoin payments has already contributed to the growth of many companies. Stripe reports that the top 20 companies on the platform, 19 of which are based in the U.S., derive 60% of their revenue from outside the U.S. The use of stablecoins helps these companies lower transaction costs and improve payment speed.
The new USDC subscription feature will initially be available only to U.S.-based businesses. Stripe’s service simplifies the subscription billing process with smart contracts. These contracts allow recurring payments to be authorized seamlessly, without the need for re-signing each time.
The post Stripe Integrates USDC for Subscription Billing on Base and Polygon appeared first on Blockonomi.
Source: https://blockonomi.com/stripe-integrates-usdc-for-subscription-billing-on-base-and-polygon/