Reportedly, Shopify has integrated Solana Pay into its lineup of payment solutions, offering numerous merchants the opportunity to engage with cryptocurrencies.
Shopify, a prominent e-commerce entity, has added Solana Pay to its range of payment options, enabling merchants to accept crypto transactions, starting with payments made using the USD Coin stablecoin.
According to a report from TechCrunch, Solana plans to expand the platform by including other alternative coins in the coming months, including its native SOL token and the meme-inspired token, Bonk.
Josh Fried, representing Solana Labs, praised the convergence of digital assets and payment solutions as the “killer app for crypto,” emphasizing the need for increased focus in this area.
Fried further explained that Solana Pay has the potential to significantly reduce transaction costs compared to credit card processing charges. The network averages a fee of $0.00025 per transaction, while credit card processing fees typically range from 1.5% to 3.5%. In the most recent period, Solana users paid an average transaction fee of 0.000009664 SOL.
Shopify estimates that 10% of all e-commerce transactions in the United States, equivalent to $444 billion of the global e-commerce market, are conducted through its platform. The company has been progressively integrating Web3 solutions into its operations, including a suite of blockchain commerce tools for Web3-oriented stores and features enabling connectivity with crypto wallets.
The transaction volume processed through Shopify will serve as a testing ground for the capabilities of the Solana blockchain. In previous years, Solana faced challenges related to reliability and uptime. Its co-founder, Anatoly Yakovenko, attributed these issues to what he termed a “curse,” linked to the network’s low-cost transactions.
Recent statistics, however, indicate an improvement in network performance. According to its most recent performance report, Solana has maintained 100% uptime since February 25, marking a full quarter without any disruptions. A single outage in February resulted in the network being offline for nearly 19 hours.
Debuting in February 2022, Solana Pay serves as a peer-to-peer payment infrastructure that empowers merchants to accept and settle payment transactions involving various digital assets. The platform materialized through a collaboration between Solana Labs, Checkout.com, Circle, and Citcon, along with wallet integrations from Phantom.
