Solana Pay launches to expand crypto e-commerce market

Solana Pay is simply a peer-to-peer payments infrastructure designed to alteration the planetary marketplace of online merchants and point-of-sale providers the quality to judge and settee outgo transactions successful a panoply of integer assets.

A associated collaboration betwixt Solana Labs, Checkout.com, Circle and Citcon, successful summation to wallet integrations from Phantom and FTX, the platform’s inbuilt bundle improvement kit acts arsenic an intermediary betwixt accepted fiat-centric businesses and the cryptocurrency sector, promising to beforehand wider engagement and adoption from accepted consumers.

In an exclusive statement, Solana Pay revealed that they comprehend the “most prevalent use-case to beryllium with integer dollar currencies” specified arsenic Circle’s USDC stablecoin, but besides are enabling the enactment of Solana-related assets specified arsenic Solana’s autochthonal SOL, FTX’s FTT, and Serum’s SRM, among others.

Built upon Solana — a blockchain that launched April 2019 and rapidly became regarded for its high-speed and fraction-of-a-cent transaction fees — Solana Pay is seeking to supply a debased barrier-to-entry crypto outgo alternative, arsenic good arsenic the anticipation for integration of emerging plus classes specified arsenic nonfungible tokens, oregon NFTs.

Cointelegraph spoke exclusively to the Head of Payments astatine Solana Labs, Sheraz Shere — formerly liable for co-creating the Google Wallet — to sermon his anticipations for Solana Pay successful supporting the wider maturation of the Solana ecosystem passim 2022.

Shere revealed that the level “leverages Solana’s unsocial differentiators of precocious throughput, debased outgo and scalability”, earlier stating that:

“While Solana Pay volition supply frictionless payments to Web3 participants successful the Solana ecosystem, we judge this protocol transcends Web3 and volition beryllium transformational for the payment’s ecosystem crossed carnal and online commerce.”

Related: Solana could go the ‘Visa of crypto’: Bank of America

In an interview with Cointelegraph connected Dec. 22, Head of Communications astatine Solana Labs, Austin Federa, spoke connected topics of caller web outages specified arsenic that of mid-September — an incidental that was attributed to denial-of-service attacks — the benefits of scalability and questions astir centralization of nodes, among others.

Shere noted that Solana Pay is dedicated to supporting the onboarding process of merchants passim the coming year, irrespective of their anterior education, concluding that:

“We expect a increasing knowing amongst mainstream merchants astir the benefits of stablecoins and integer dollars.”

In summation to this, Solana Pay is besides expected to motorboat a bid of payments-centric hacking events this twelvemonth successful a bid to link the planetary assemblage of developers and whitehats with their technological infrastructure.