Shopify Empowers Merchants with Solana Pay, Expanding Crypto Payment Options and Lowering Transaction Costs
Summary:
Shopify integrates Solana Pay, enabling millions of merchants to accept crypto transactions. Solana plans to add more altcoins in the coming months. Solana Pay offers lower transaction costs compared to credit cards. Shopify's volume will test the reliability of the Solana blockchain, which has made recent performance improvements. Solana Pay is a peer-to-peer payment infrastructure launched in February 2022.
Shopify, the popular e-commerce giant, has expanded its range of payment options by including Solana Pay, enabling millions of merchants to accept crypto transactions. Initially, the platform will support payments in USD Coin (USDC) stablecoin, with plans to add other altcoins like Solana (SOL) and Bonk Coin (BONK) in the future. Solana Labs' Josh Fried calls the combination of digital assets and payment solutions the "game-changer for crypto" and urges everyone to capitalize on it. Fried also highlights the significant cost advantage of Solana Pay, with transaction fees averaging $0.00025 compared to the higher fees of credit card processing, which range from 1.5% to 3.5%.
With an estimated 10% of all e-commerce transactions in the US going through the Shopify platform, amounting to $444 billion globally, Shopify's integration of Web3 solutions, such as blockchain commerce tools and crypto wallet connect features, is a noteworthy development. Shopify's high volume of transactions will serve as a testing ground for Solana's blockchain, which has faced challenges with reliability and uptime in the past. However, recent performance reports indicate that Solana has made significant improvements, achieving 100% uptime since February 25, marking an entire quarter without any disruptions. This is in stark contrast to a February outage that caused the network to be offline for almost 19 hours.
Launched in February 2022, Solana Pay is a peer-to-peer payment infrastructure that allows merchants to accept and settle digital asset transactions. The platform is a collaborative effort involving Solana Labs, Checkout.com, Circle, and Citcon, along with integration support from Phantom wallets.
Published At
8/23/2023 4:10:00 PM
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