- At first, Shopify users will only be able to pay using USDC which is issued by Circle.
- Solana Pay streamlines the payment process benefiting both users and merchants.
By integrating with Shopify Inc., one of the leading global e-commerce leader, Solana Pay, developed by Solana Labs, has attained a major milestone. With this strategic alliance, businesses will be able to better do business and interact with the digital assets realm.
Using the Solana blockchain, Solana Pay offers frictionless transactions with the help of a robust and customizable JavaScript framework. Solana Pay uses a token transfer URL mechanism to guarantee wallet and service compatibility. Thus, making it simple for businesses to accept payments in supported cryptocurrencies without the need for a third party. However, at first, Shopify users will only be able to pay using USDC which is issued by Circle.
Efficient Payment Choice
By integrating with Shopify, Solana Pay is able to provide an innovative solution that makes decentralized, peer-to-peer payments accessible to a far wider range of enterprises. Such initiatives are beneficial for boosting crypto adoption on a global scale.
Josh Fried, Head of Commerce Business Development at the Solana Foundation stated:
“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 eliminates unnecessary intermediaries. Hence getting rid of the need for things like bank fees, chargebacks, and lengthy holding periods. The protocol allows USD stablecoins that are compatible with Solana to be settled instantly, streamlining the payment process in a way that benefits both users and merchants.
Moreover, this recent move will only allow merchants to enable loyalty programs with almost very little effort and engage with their customers to boost retention rates.
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