E-commerce giant Shopify integrates Solana Pay for crypto transactions
E-commerce platform Shopify has announced the addition of Solana Pay as a payment option, enabling millions of merchants to accept crypto transactions. The platform will start with payments in USD Coin (USDC) stablecoin and plans to add other altcoins in the future, including Solana (SOL) and Bonk Coin (BONK). Solana Labs’ Josh Fried believes that digital assets and payment solutions are the “killer app for crypto” and emphasizes the potential of reducing transaction costs compared to credit card processing fees. Solana’s network fee is $0.00025 per transaction, significantly lower than the 1.5% to 3.5% range of credit card fees. Shopify estimates that 10% of all US e-commerce transactions are made through their platform. The integration of Web3 solutions and blockchain commerce tools will test the reliability and performance of the Solana blockchain.
– Shopify integrates Solana Pay for crypto transactions
– Solana Pay starts with USD Coin (USDC) stablecoin payments
– Solana plans to add other altcoins to the platform
– Josh Fried sees the intersection of digital assets and payment solutions as the “killer app for crypto”
– Solana Pay can significantly reduce transaction costs compared to credit card processing fees
Solana’s performance improves as Shopify becomes a proving ground
Solana has experienced reliability and uptime issues in the past but recent statistics show improvement. The network has achieved 100% uptime since February 25, marking an entire quarter without an outage. This is significant progress considering the network was offline for almost 19 hours during a single outage in February. Shopify, with its volume of e-commerce transactions, will serve as a proving ground for the Solana blockchain. The platform has gradually integrated Web3 solutions and blockchain commerce tools, showcasing its commitment to exploring the potential of crypto in e-commerce.
Solana Pay: Enabling merchants to accept and settle payment transactions across digital assets
Launched in February 2022, Solana Pay is a peer-to-peer payment infrastructure that empowers merchants to accept and settle payment transactions using various digital assets. The platform is a collaboration between Solana Labs, Checkout.com, Circle, and Citcon, with wallet integrations from Phantom. With Solana Pay, merchants can leverage the benefits of crypto transactions, including lower costs and faster settlement times, while expanding the options available to their customers.
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