Report: Shopify Set to Embrace USDC Payments via Solana
Mitchell Nixon
Allegedly, Shopify has incorporated Solana Pay into its range of payment solutions, affording countless merchants the opportunity to engage with cryptocurrencies.
The prominent e-commerce entity, Shopify, has introduced Solana Pay to its array of payment options, granting numerous merchants the capability to utilise the platform for accepting crypto transactions, commencing with payments made using the USD Coin stablecoin.
According to a TechCrunch report, Solana intends to broaden the platform by including other alternative coins in the upcoming months, which encompass its native SOL token as well as the meme-inspired token, Bonk.
Josh Fried, representing Solana Labs, hailed the convergence of digital assets and payment solutions as the “killer app for crypto,” emphasising the importance of intensified focus in this area.
Fried further elucidated that Solana Pay holds the potential to significantly decrease transaction costs in contrast to credit card processing charges. The network averages a fee of $0.00025 per transaction, while credit card processing fees typically range from 1.5% to 3.5%. In the most recent epoch, Solana users paid an average transaction fee of 0.000009664 SOL.
Shopify gauges that 10% of all e-commerce transactions in the United States, equating to $444 billion of the global e-commerce market, are executed through its platform. The company has been progressively integrating Web3 solutions into its operations, which encompass a suite of blockchain commerce tools tailored for Web3-oriented stores and features facilitating connectivity with crypto wallets.
The transaction volume conducted through Shopify will serve as a testing environment for the capabilities of the Solana blockchain. In previous years, Solana encountered challenges related to reliability and uptime. Its co-founder, Anatoly Yakovenko, attributed these issues to what he termed a “curse,” linked to the network’s low-cost transactions.
Recent statistics, however, showcase an enhancement in network performance. As per its most recent performance report, Solana has maintained 100% uptime since February 25, signifying a full quarter without any disruptions. A solitary outage in February resulted in the network being offline for nearly 19 hours.
Debuted in February 2022, Solana Pay stands as a peer-to-peer payment infrastructure that empowers merchants to accept and settle payment transactions encompassing various digital assets. The platform materialised through a collaboration involving Solana Labs, Checkout.com, Circle, and Citcon, alongside wallet integrations from Phantom.