Solana Pay Added as Payment Option on Shopify
Solana Pay, the decentralized payment app developed by Solana Labs, is now available as a payment option for businesses using Shopify. Here are the key points:
– Solana Pay has been added as a payment option on Shopify, allowing businesses to offer it to their customers.
– The initial integration will feature USDC, the second-largest stablecoin with a $25.9 billion market capitalization.
– Solana Pay is seen as the “killer app” for crypto payments, according to Josh Fried from Solana Foundation.
– USDC’s close tie to the US dollar and regulatory compliance make it an attractive option for merchants and consumers.
– Solana Pay aims to incorporate additional cryptocurrencies in the future, including the network’s native SOL token and BONK, a doge-themed meme coin.
Benefits of Solana Pay
– Solana Pay transactions are effectively “fee-free” compared to credit card processing fees.
– Merchants can establish creative loyalty programs, including NFT loyalty tokens.
– Several crypto-focused teams and brands, such as Helius, Mad Lads, and MonkeDAO, have already integrated Solana Pay into their Shopify storefronts.
Shopify and Crypto
– Shopify is a leading e-commerce platform that contributes to 10% of total U.S. e-commerce.
– The platform has integrated various crypto payment options, including Strike, Coinbase Commerce, and Bitpay.
– Solana is a faster and cheaper layer 1 blockchain than Bitcoin and Ethereum, but has had past issues with network outages. However, it has experienced zero downtime since February.
Hot Take
Solana Pay’s integration with Shopify provides a significant opportunity for businesses and consumers to embrace crypto payments. With its fee-free transactions and potential for loyalty programs, Solana Pay could revolutionize the way payments are made in the e-commerce industry. As Solana continues to improve its network stability, it has the potential to become a leading player in the crypto payment space.
By
By
By
By