According to the statement made by Solana, Solana's decentralized payment system Solana Pay has been integrated with e-commerce giant Shopify.
In the news, millions of businesses on the Solana Pay platform will be able to use Shoipy for payments as a result of Solana Pay's integration with Shopify.
Circle's stablecoin USDC will be the first payment option for this integration, while Solana Pay will be considering adding cryptocurrencies such as SOL and BONK in the future.
Solana Pay was launched in February 2022 and is built on top of the Solana blockchain.
Josh Fried, one of the partners of the Solana Foundation, made the following statements in his statement:
“Solana Pay on Shopify offers millions of merchants a more dynamic and efficient payment option, while consumers get the convenience and increased benefit of being able to pay for goods and services with digital dollar currencies from the vast network of merchants using Shopify.
While USDC will be the first payment option, the addition of cryptocurrencies such as SOL and BONK will be considered.
Some people argue that a great app for crypto has yet to come, but it has, and we've made it happen.
Credit card processing fees typically cost a business between 1.5% and 3.5% per transaction, but using the Solana Pay option is nearly free.
The average cost per transaction on Solana's blockchain is around $0,00025.
The Solana network is great for payments in general. There are no middlemen, bank fees, chargebacks, and holding times.
For vendor payments, you need speed at the point of sale. At this point, Solana Pay offers the perfect option for you.”
This announcement did not create a positive reaction in Solana price. SOL continues to trade at $20.71 at the time of writing.
*Not investment advice.