Solana Labs has announced the integration of its decentralized payment protocol, Solana Pay, with e-commerce giant Shopify. This integration will enable millions of businesses operating on the Shopify platform to leverage Solana Pay for their payment needs. Initially, USDC payments will be accepted, but more crypto-assets will be added in the future.The integration of Solana Pay with Shopify will eliminate bank fees, chargebacks, and holding times while allowing immediate, direct payment settlement of USD stablecoins compatible with Solana. Merchants and consumers using Solana Pay will also be able to benefit from Web3-enabled commerce experiences, such as token-gated offers, simple cross-border payments, as well as NFT-based loyalty programs.Josh Fried, Head of Commerce Business Development at the Solana Foundation, commented on the development, saying that Solana Pay on Shopify opens up millions of merchants to a more dynamic and efficient payment choice, while consumers get the convenience and increased utility of being able to pay for goods and services with digital dollar currencies from the vast network of merchants using Shopify.Solana Pay was launched in February 2022 and the initial payment option for its integration with Shopify will include USDC, the second-largest stablecoin with a market capitalization of nearly $26 billion. Fried explained that the choice of USDC was deliberate and was influenced by the fact that most merchants are likely to be more receptive to adopting a payment method closely linked to the stability of the US Dollar. He added that Circle’s USDC, being subject to higher regulatory oversight compared to other crypto-assets, holds a level of familiarity among consumers already accustomed to transacting in digital dollars.The Solana blockchain has experienced significant disruptions caused by recurrent outages in the past, but subsequent upgrades have improved the network’s capacity to manage substantial traffic and meet demand. As a result, Solana has maintained uninterrupted service for the past six months and has been 100% uptime since February.
| Information |
Details |
| Geography |
North America |
| Countries |
🇺🇸 |
| Sentiment |
positive |
| Relevance Score |
8 |
| People |
Josh Fried, Circle |
| Companies |
Solana Labs, Shopify, Solana Foundation, Circle, Binance |
| Currencies |
USDC, Bitcoin, Ethereum, SOL, BONK |
| Securities |
None |
