• 29 May, 2024
News

Solana Pay Integrates With Shopify Inc As A New Payment Method

Solana Pay, the decentralized and open-source peer-to-peer payments protocol developed by Solana Labs, recently integrated its plug-in with e-commerce giant Shopify. Solana Pay, which was launched back in February 2022, would allow Shopify’s millions of customers to make payments on the e-commerce platform using digital dollar currencies. 

According to a press release by the Solana Foundation earlier today, Solana Pay would give merchants on Shopify real-time access to their funds and allow them to manage their working capital, liquidity, and liability protection in a better way. Solana Pay has no intermediaries, which would eliminate banking fees, chargebacks, translation holding times, etc. 

Speaking on the integration with Shopify, Solana Foundation’s Head of Commerce Business Development, Josh Fried, stated:

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.

Merchants and consumers of Solana Pay on Shopify would enjoy the added benefit of having their payments become a gateway for web3-enabled commerce experiences. This would include token-gated offers, cross-border settlements, NFT-based loyalty programs, and much more. 

Circle’s USD Coin (USDC) would reportedly be the initial payment option for Solana Pay’s integration with Shopify. The reason for picking USDC, which happens to be the second largest stablecoin in the world, was due to consumers’ and merchants’ inclination to interact with a dollar-pegged crypto asset that’s well-regulated. 

In other news, European stablecoin EUROe stated in a press release earlier today that its euro-pegged stablecoin on Solana would comply with the MiCA regulations unveiled earlier this year. The stablecoin was launched by Membrane Finance on the Solana blockchain today. The stablecoin is reportedly backed by 100% bankruptcy-protected cash and 2% CET1 equity capital in European financial institutions.

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