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Solana Labs has revealed the integration of its decentralized payment protocol – Solana Pay – with the e-commerce leader Shopify, introducing it as a new payment alternative. This initiative will allow millions of businesses utilizing the Shopify platform to take advantage of Solana Pay for their transaction requirements.
Initially, payments will be accepted in USDC through this integration, with plans to incorporate additional crypto-assets in the future.
Solana Pay x Shopify
As stated in the official press release, Solana Pay aims to eliminate bank fees, chargebacks, and waiting periods, facilitating immediate and direct payment settlement of USD stablecoins that are compatible with Solana.
Moreover, both merchants and consumers utilizing Solana Pay will gain access to Web3-enabled commerce experiences, including token-gated promotions, straightforward cross-border transactions, and NFT-based loyalty initiatives.
In response to this development, Josh Fried, Head of Commerce Business Development at Solana Foundation, remarked,
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“Solana Pay on Shopify provides millions of merchants with a more dynamic and efficient payment option, while consumers enjoy the convenience and enhanced utility of paying for goods and services with digital dollar currencies from the extensive network of Shopify merchants.”
Launched in February 2022, Solana Pay is an open-source protocol built on the layer-1 blockchain Solana. The initial payment option for its integration with Shopify will feature USDC, the second-largest stablecoin with a market capitalization nearing $26 billion.
In a statement to TechCrunch, Fried clarified that the selection of USDC was intentional, influenced by the likelihood that most merchants would be more inclined to adopt a payment method closely associated with the stability of the US Dollar.
He further noted that Circle’s USDC, being subject to greater regulatory scrutiny compared to other crypto-assets, offers a level of familiarity to consumers already used to transacting in digital dollars. Nonetheless, Solana Pay remains open to the potential inclusion of other crypto-assets, such as SOL and BONK, in its offerings in the near future.
Solana: 6 Months Without Outage
The Solana blockchain has faced notable disruptions due to recurring outages, some lasting over a day. However, subsequent upgrades, including the implementation of QUIC TPU, Stake weighted QoS, and localized free markets, have enhanced the network’s ability to handle significant traffic and meet demand.
Consequently, Solana has maintained uninterrupted service for the last six months, achieving 100% uptime since February.
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