The blockchain is aiming to expand crypto-based ecommerce access for both global merchants and consumers. The new product will aim to usher in new commerce capabilities for merchants and give them the ability to accept and move any volume of digital dollar currencies that are compatible with Solana’s solutions.
Solana Pay’s initial development – which adopts a decentralised, open peer-to-peer nature – came via the support of partners such as Solana Labs, Circle and Checkout.com alongside digital wallet integrations from Phantom, FTX and Slope.
Via the use of Solana Pay, companies such as Circle have since begun development on payment solutions that allow merchants to directly accept and manage payments in USD Coin (USDC) in their Circle Account along with the option to hold balances in USDC, convert to fiat and send funds on-chain.
Solana noted that the direct connection between a merchant and a consumer’s wallet address could unlock a bi-directional communication channel that allows them to send offers and promotions, grant NFTs and create rewards and loyalty programs.
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