US-based open-source payments protocol Solana Pay has announced its integration with global commerce company Shopify.
As a result of the integration, Solana Pay is now reportedly available to millions of businesses.
Solution-wise, Solana Pay enables merchants to access their money in real time and to manage their working capital, liquidity, and liability protection. Given that it does not utilise an intermediary, Solana Pay purportedly eliminates bank fees, chargebacks, and holding times while facilitating direct payment settlement of USD stablecoins compatible with Solana.
Another benefit of the integration pointed out in the official press release has to do with how merchants and consumers can use Solana Pay. More precisely, the transactions being conducted become a gateway for Web3-enabled commerce experiences. This includes token-gated offers, simple cross-border payments, and NFT-based loyalty programmes.
When commenting on the latest announcement, a representative from Solana Pay emphasised the benefits of the integration for both merchants and customers. As highlighted by them, the latest development offers merchants a new payment choice, whilst providing customers with the option to pay for goods and services using digital dollar currencies.
Following the integration, a handful of brands active on Solana have reportedly pledged to make Solana Pay a payment option in their Shopify-powered storefronts. Their choice is described in the official statement as a chance to extend a Web3-native payment option for their Web3-savvy customers.
Solana Pay is a decentralised, open-source, peer-to-peer payments protocol built on Solana by Solana Labs, a technology company and developer of Web3 projects.
Solana is a blockchain specifically made for mass adoption that can be utilised for finance, NFTs, payments, and gaming. The blockchain operates as a single global state machine and is open, interoperable, and decentralised. The company reportedly boosts over USD 650 million in USDC in circulation on Solana as well as over 280 thousand active daily accounts.
Shopify is a global commerce company that provides internet infrastructure for commerce. By leveraging Shopify’s solution, merchants can build and customise an online store and then sell in multiple places, such as web, mobile, in-person, brick-and-mortar locations, pop-up shops, as well as across multiple channels spanning from social media to online marketplaces.
Earlier in 2023, the commerce platform introduced new products and revealed new partnerships. For instance, Shopify announced the launch of a pay-in–full business credit card tailored to reward the platform’s merchants by offering cash back on their Shopify billing as well as marketing expenses. Moreover, the company recently partnered with Ramp, following the US-based finance automation platform’s expansion into procurement.
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