Solana Pay is set to integrate seamlessly with Shopify, one of the world’s largest e-commerce platforms, to introduce a groundbreaking payment functionality.
The Solana Foundation, the minds behind Solana Pay, announced that the protocol will now serve as a featured payment alternative within the Shopify ecosystem.
According to Solana’s official page:
“The essence of payments lies in their accessibility, speed, and seamlessness. Through direct transactions without intermediaries, Solana Pay eradicates bank charges, potential payment reversals, and processing delays. This paves the way for instantaneous, direct settlements using USD stablecoins that are compatible with the Solana network.”
This development transforms Shopify payments into a portal for web3-powered commercial experiences. This integration empowers merchants and consumers using Solana Pay, offering them the ability to access:
Token-protected offers
Effortless international payments
NFT-centered loyalty initiatives
And more, all depending on individual business objectives.
In a conversation with TechCrunch, Josh Fried, overseeing business development and partnerships at the Solana Foundation, revealed that Circle’s USDC would be the debut stablecoin integrated into this novel collaboration.
Fried stated,
“Some argue that crypto is yet to find its ultimate ‘killer app,’ but in reality, it’s already here: payments. Every entity should be focusing heavily on this aspect.”
Fried emphasized that Solana Labs firmly believes that the Solana blockchain is tailor-made for facilitating payments. This stems from the absence of intermediaries, bank fees, payment reversals, and processing delays.
“When it comes to merchant payments, quickness at the point of purchase is imperative. Nobody wants to linger on a website, awaiting wallet transactions. Similarly, envision waiting three minutes for an in-store payment to process at a point of sale. It’s an inconvenience no one desires.”
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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.
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