Coinbase Launches Cross Border Payments with XRP and USDC, Available for Indian Users

Leading cryptocurrency exchange Coinbase has launched a new cross border payments service which allows users to send money instantly through Ripple (XRP) or USD Coin (USDC). Coinbase will not charge any fee for XRP or USDC transfer to any other Coinbase account. The service will also be available to countries such as India, Mexico and the Philippines where Coinbase does not offer its exchange services.

Coinbase has clarified that it is not a remittance service. Instead, the cryptocurrency is converted into the local currency after receipt. In countries like India, where the fiat currency is not supported, the exchange has asked users to transfer these crypto assets to another cryptocurrency exchange which supports the conversion of XRP/USDC to fiat currency. For non-Coinbase accounts, the exchange will charge an on-chain network fee.

With this service, Coinbase will bring the benefits of cryptocurrencies – fast, free and secure payments – to the world of payments. It is good to see such services which showcase the benefits of cryptocurrency payments vs traditional bank payments.

(Image Credit: Coinbase)

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