Shopify Integrates Solana Pay into its Platform to Support USDC Payments
- The integration will enable users to connect Solana-compatible crypto wallets, like Phantom or Slope, to settle payments.
- Solana Pay was launched in 2022 to assist businesses accepting cryptocurrency payments.
E-commerce platform Shopify has added Solana Pay, a payment service developed by Solana Labs, to its platform to provide support for USDC payments. This means that Shopify users can provide their customers with the option to pay in cryptocurrencies, beginning with the USDC stablecoin.
Additionally, the integration enables businesses to create unique loyalty programs using Web3 tools like NFT loyalty tokens. Other benefits of using Solana Pay include discounts and rewards. Several crypto-focused organizations such as Helius, Mad Lads, and MonkeDAO have already signed on to incorporate Solana Pay into their Shopify marketplaces.
Reports from TechCrunch revealed that Solana plans to expand its crypto options to include other cryptocurrencies, including its SOL token. The new partnership between Solana and Shopify is another case of mainstream adoption of cryptocurrencies, and Josh Fried, head of business development and partnerships at Solana Foundation, believes the new integration is the “killer app for crypto.”
Fried explained that USDC’s close ties to the US dollar and its higher level of regulatory compliance than other coins make it a desirable alternative for both regular users and businesses. Fried also argued that Solana Pay is cheaper compared to credit card processing fees, which can get as high as 3.5% for every transaction, according to Fried.
Fried said in a statement,
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.
Shopify supports $444 billion in global economic activity and makes up 10% of all U.S. e-commerce. Like most mainstream companies, Shopify has also moved its focus to Web3.
Lawrence has covered some exciting stories in his career as a journalist, he finds blockchain-related stories very intriguing. He believes Web3 will change the world and wants everyone to be a part of it.
