Shopify and Coinbase join forces to launch the Commerce Payments Protocol: Blockchain payments enter the physical commerce.

In the field of Crypto Assets, on-chain payments have always been regarded as the ideal model for the future, especially because they enable instant Settlement and drop intermediary costs. However, when this concept shifts from "Cryptocurrency Trading" to "real business applications", problems arise: what about refunds? How are canceled orders handled? Can merchants still set up latency in payments?

To address these issues, Shopify and Coinbase announced yesterday a collaboration to launch a new Commerce Payments Protocol, bringing these traditional financial functions into the crypto world. This protocol operates on the Base blockchain and uses the stablecoin USDC as a medium of exchange, marking a significant step forward for on-chain commercial payments.

The protocol attracted attention right after its launch: over 400 payments have been processed.

According to the data provided by the on-chain analysis platform sealaunch.xyz and Dune Analytics, the Commerce Payments Protocol has processed 434 payment transactions within just a few days of its launch, accumulating a total Settlement amount of $1,559, with the total authorized payments reaching $1,716, indicating that the overall capital flow has begun to take shape.

In addition, the protocol also handled a voided payment of 150 dollars, which demonstrates the system's capability in "payment abnormality handling."

Payment logic upgrade: refunds can also be done on-chain, latency settlement, and partial payments.

Compared to the traditional "you transfer, I receive, and the money goes immediately" single process of Crypto Assets payments, the Commerce Payments Protocol adopts a more business-logical authorization and capture mechanism. This means that:

Merchants can authorize a transaction first and then capture (complete) part or all of the amount based on the actual situation.

Support for Partial Refunds and Full Refunds

Can void unfinished authorization transactions (Voids)

Can reclaim the captured amount (Reclaims)

Custom Fee Distribution Mechanism

The implementation of these features relies on an escrow smart contract deployed on the Base chain, which avoids human intervention through automated execution logic while maintaining the transparency characteristics of Web3.

The integration effect of Shopify is powerful: truly driving "business-grade adoption".

The Commerce Payments Protocol is not just a technical upgrade; more importantly, it is the integration behind Shopify. As one of the largest e-commerce platforms in the world, Shopify serves millions of merchants, which means that once the integration is mature, users will find it unprecedentedly easy to choose "crypto payment" at checkout in Shopify stores.

With the wallet and payment infrastructure provided by Coinbase, this system could become the solution closest to a "seamless on-chain settlement experience" in the mainstream market.

The data tracking board is open and transparent, continuously monitoring growth potential.

The Sealaunch team has also created a public dashboard on Dune to track various core metrics of the protocol, including daily payment volume, captured amount, payment status ratio, and total settlement amount.

From the chart, it can be seen that the agreement has grown rapidly from the beginning of June to now, with both the trading volume and amount showing an exponential upward trend. It is expected that in the future, after more merchants are onboarded, the data performance will be even more impressive.

From payment to business logic, Web3 is evolving into a "utility tool".

The launch of the Commerce Payments Protocol marks a milestone in blockchain payments, moving from "fast transfers" to "complete business processes." This is not just a collaborative experiment between Coinbase and Shopify, but an important step towards mainstream adoption in the Web3 world.

If it can be expanded to more e-commerce platforms and merchants in the future, this protocol has the potential to make cryptocurrency truly "spendable" in daily life.

This article discusses how Shopify and Coinbase have teamed up to launch the Commerce Payments Protocol: blockchain payments making inroads into physical commerce, first appearing in Chain News ABMedia.