For businesses using e-commerce Shopify, Solana Pay, the decentralized payment app created by Solana Labs, has been introduced as an option.
Thus, Solana Pay can be made available to clients by the millions of companies that utilize Shopify. USDC, the second-largest stablecoin with a $25.9 billion market capitalization, will be used in its initial integration.
Josh Fried, business development and partnerships at Solana Foundation, underlined the fact that this decision was thought out. Given its close connection to the US dollar and higher level of regulatory compliance than other coins, USDC is a desirable alternative for both consumers and businesses. Despite this, the protocol may eventually include other cryptocurrencies, like the native SOL currency of the network and the BONK meme coin.
Circle, a USDC issuer, the well-known Phantom Solana wallet, and Checkout.com, a payment processor, have all publicly supported Solana Pay.
Solana Pay is essentially “fee-free” in comparison to credit card processing fees, which can run as high as 3.5% for every transaction, according to Fried. Transactions, according to Solana Beach, cost about 0.000005 SOL at the time of writing, or a fraction of a penny.
Additionally, the integration enables businesses to create unique loyalty programs using cutting-edge technologies like NFT loyalty tokens. Customers who use Solana Pay repeatedly, for instance, can be given discounts or other benefits.
Helius, Mad Lads, and MonkeDAO are just a few of the cryptocurrency-focused organizations and brands that have already signed on to incorporate Solana Pay into their Shopify marketplaces.
Shopify supports $444 billion in global economic activity and makes up 10% of all U.S. e-commerce. With the integration of Strike for Bitcoin lightning network payments last year, along with other platforms like Coinbase Commerce and Bitpay, the platform itself is no stranger to cryptocurrencies.
Even though Solana is a Tier 1 blockchain that is speedier and less expensive than both Bitcoin and Ethereum, it frequently has network failures. Despite this, there hasn’t been a single shutdown since February on the network.
Image: Wikimedia Commons
Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.