Solana Labs launches new digital payment platform Solana Pay to expand crypto e-commerce market and help the customers
Solana Labs, the creator of the fast-growing high-speed programmable blockchain that is a direct competitor to Ethereum, kicked off February with the launch of Solana Pay, which provides merchants and customers with a new set of decentralized payment standards and protocols that enable the direct acceptance of stablecoins such as US Dollar Coins (USDCs) at point of sale (POS) and online.
With new project, retailers on the blockchain may accept the USDC stablecoin, Solana’s native token SOL, and additional SOL-based tokens. Sol Labs said that transactions would be quick, and businesses will get “real-time” payments. Additionally, Solana Pay is set to host a series of payments-related hacking events this year in an effort to link the worldwide community of developers and whitehat hackers with their technical infrastructure.
Solana Pay is entering a crowded ecosystem of existing payments apps where tech giants Apple and Google currently dominate. There are also a number of other huge payments players such as PayPal, which is reportedly working on its own token, Venmo, Wise, Cash App, and Stripe.
“Solana Pay gives merchants a new, simplified framework to transact with their customers, enabling them to accept and settle funds directly with no intermediaries, zero fraud liability, and processing fees measured in fractions of a cent,” said Sheraz Shere, Head of Payments at Solana Labs. “Project transforms outdated one-way transaction models into powerful, two-way merchant-to-consumer relationships, giving brands and retailers a direct channel to surprise and delight their customers in new ways.”
“Transaction and merchant fees, particularly for visitors traveling from overseas, can be significant,” said Bandago CEO Sharky Laguana. “Working with Solana will help lower our customers’ costs, while giving us instant access to the funds. We are excited to explore this new frontier of payment processing, and think this will be both easy and cheaper for our customers, which is always a winning combination!”