E-commerce powerhouse Shopify is now supporting the decentralized payment system Solana Pay, which was only recently introduced as a new payment option by Solana Labs. Solana Pay was recently announced as a new payment option. As a result of this move, millions of businesses that run on the Shopify platform can employ Solana Pay for their various payment needs. This will let them accept a wider range of payment types.
Initially, the integration will only enable payments made in USDC; however, support for additional cryptocurrencies will be added in the future.
Shopify x Solana Pay
According to the official news release, Solana Pay would allow USD stablecoins compatible with Solana to be immediately settled for instant and direct payment, thereby avoiding bank fees, chargebacks, and holding delays.
In addition, businesses and customers who use Solana Pay can benefit from Web3-enabled commerce experiences. Some examples of these experiences include token-gated offers, simple cross-border payments, and NFT-based loyalty programs. These are a few examples of the functionality accessible to users.
As a response to the recent development, Josh Fried, who is the Head of Commerce Business Development for the Solana Foundation, issued the following statement: "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."
On top of the layer-1 blockchain, Solana, an open-source protocol, Solana Pay, was built. It was initially presented to the public in February of 2022. It has been agreed that the initial payment option for its integration with Shopify would include USDC, the second-largest stablecoin with a market valuation of around $26 billion. This decision was reached after it was discussed and decided upon.
In a statement distributed to TechCrunch, Fried provided his thoughts on selecting USDC. He stated that the choice was deliberate and was influenced by the fact that most merchants are likely to be more susceptible to adopting a payment option closely tied to the stability of the US Dollar. He also stated that the decision was informed by the fact that the US Dollar is anticipated to remain stable for the foreseeable future. The statement was sent to TechCrunch for publication.
He continued by noting that Circle's USDC, which is subject to better regulatory monitoring than other crypto-assets, has a level of familiarity among consumers who are already acclimated to trading in digital dollars because it is subject to higher oversight. This is because the USDC is subject to stronger regulatory monitoring. Despite this, Solana Pay has yet to rule out the possibility of incorporating other crypto-assets, such as SOL and BONK, into its products and services in the future. In fact, they have not even closed the door on the possibility.
Solana: 6 Months of Uptime
Repeated outages, some lasting more than 24 hours, caused the Solana blockchain significant difficulties. Some of these outages persisted for as long as 48 hours. Recent improvements, such as installing QUIC TPU, Stake-weighted quality of service, and localized free markets, have boosted the network's capacity to manage high traffic and satisfy demand. These updates were implemented in recent months. The network's performance is said to have been improved due to these adjustments.
As a direct result, Solana has provided service without interruptions for the past six months and maintained a hundred percent uptime since February.
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