Solana Pay launches to expand crypto e-commerce market

Solana Pay is a peer-to-peer payment infrastructure designed to enable a global marketplace of online merchants and point-of-sale providers to accept and settle payment transactions in a wide range of digital assets.

A joint collaboration between Solana Labs, Checkout.com, Circle, and Citcon, the platform’s built-in SDK acts as an intermediary between traditional fiat-centric businesses and the cryptocurrency industry, in addition to Phantom and FTX’s wallet integration , which promises to foster wider traditional consumer engagement and adoption.

In an exclusive statement, Solana Pay revealed that they believe “the most prevalent use case is for digital dollar currencies” such as Circle’s USDC stablecoin, but also enables options for Solana-related assets such as Solana’s native SOL, FTX’s FTT and Serum’s SRM, etc.

Solana Pay is built on Solana (a blockchain launched in April 2019) and quickly gained attention for its high speed and fractional transaction fees – Solana Pay is looking to provide a low barrier to entry for crypto payments Alternatives, and the possibility of integrating emerging asset classes such as non-fungible tokens or NFTs.

Cointelegraph caught up with Sheraz Shere, Solana Labs’ Head of Payments (who previously co-founded Google Wallet), to discuss his expectations for Solana Pay to support the broader growth of the Solana ecosystem throughout 2022.

Shere revealed that the platform “takes advantage of Solana’s unique advantages in terms of high throughput, low cost, and scalability,” before stating:

“While Solana Pay will provide frictionless payments for Web3 participants in the Solana ecosystem, we believe the protocol goes beyond Web3 and will revolutionize the payments ecosystem for brick-and-mortar and online commerce.”

Related: Solana Could Be a “Crypto Visa”: Bank of America

in a Interview with Cointelegraph, Head of Communications, Solana Labs, Dec. 22Austin Federa touched on the topic of recent network outages, such as the mid-September network outage – an event attributed to a denial of service attack – the benefits of scalability and issues surrounding node centralization, etc.

Shere noted that Solana Pay is committed to supporting the onboarding process for merchants in the coming year, regardless of their previous education, and concluded that:

“We expect mainstream merchants to become increasingly aware of the benefits of stablecoins and digital dollars.”

In addition to this, Solana Pay is also expected to launch a series of payments-focused hacks this year to connect the global developer and white hat community with their technology infrastructure.