The Solana Network’s payment protocol, Solana Pay, has been incorporated into the popular online shopping platform Shopify allowing millions of businesses using Shopify to now accept payments in USD Coin (USDC).
The collaboration was announced on Wednesday.
Solana Pay is designed in a way that avoids the need for middlemen like banks. This helps businesses by removing charges banks might apply, reducing instances where payments are reversed, and eliminating delays in accessing funds.
Additionally, the technology allows for quick and direct processing of payments using stablecoins, which are cryptocurrencies tied to the value of the US dollar and work well with the Solana network.
Josh Fried, Head of Commerce Business Development, Solana Foundation, said: “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.”
This connection will start with USD Coin, a type of cryptocurrency that’s designed to remain stable and is currently valued at around $25.9 billion in total. The goal of this choice is to attract businesses that prefer payment options that are similar to the US dollar.
Solana Pay, which was launched last year, is designed to make it easy for both sellers and buyers to do transactions using stablecoins that are tied to the value of the US dollar.
The Solana ecosystem, where this platform operates, has more than 11.5 million active users. The cost for each transaction on this platform is very low, around $0.00025 on average.
Well-known companies in the cryptocurrency world like Circle and Phantom, as well as payment companies like Checkout.com and Citcon, have adopted and started using Solana Pay.
Also Read: Phantom Unveils One-click ‘Sign in With Solana’ Feature
