Solana Pay integrates with Shopify to offer USDC payments! Near-zero transaction fees, repurchase for additional discounts.

Solana Labs has launched the decentralized payment protocol Solana Pay, which has integrated its plugin with the e-commerce company Shopify. This provides a fast and user-friendly USDC payment option to the millions of businesses on the platform. It boasts advantages such as nearly zero transaction fees and offering discounts to members who present NFTs, aiming to seize the market in cryptocurrency payments.

Solana Pay Enters E-commerce Sector

The Solana Pay development team announced their integration with the e-commerce platform Shopify, offering an additional option for USDC payments to the millions of retailers on the platform. This move marks Shopify's expansion into the realm of crypto payments following partnerships with Coinbase and Crypto.com.

Reportedly, Shopify holds a 10% share in the U.S. e-commerce market, generating up to $444 billion in global economic activity. Solana Pay boasts 280,000 daily active accounts and collaborates not only with crypto companies like Phantom and Circle but also with payment processors like Checkout.com and Citcon.

Support for USDC Payments

As the second-largest stablecoin by market capitalization and more regulated, USDC becomes the primary payment option for Solana Pay's foray into Shopify, with plans to add SOL and BONK in the future.

Nearly Zero Transaction Fees

Compared to high transaction fees of 1.5% to 3.5% for credit card transactions, Solana's transaction costs are even lower than one cent, making the fees almost free for users.

Additionally, the intuitive interface and near-instant transaction confirmation speed are advantages of the Solana network itself.

Assisting Businesses in Building Brand Loyalty

Merchants can easily establish brand loyalty through Solana Pay, including launching NFT membership tokens. When consumers pay with Solana Pay, they can enjoy exclusive discounts on their next purchase through the NFT, encouraging repeat purchases.

Josh Fried, Business Development Representative at Solana Foundation, stated via TechCrunch:

Some believe the killer app for cryptocurrency hasn't arrived yet, but it has – and it's payments.

Decreasing Downtime for Solana

Noteworthy is that Solana, known for sacrificing network stability due to its high efficiency, has only experienced one downtime this year and has been running smoothly in the second quarter, indicating the effectiveness of its ongoing adjustments.

Previously, the Solana team publicly offered discounts on their blockchain smartphone "Saga" launched in May this year, with users interested in purchasing being able to enjoy a 40% discount a few weeks ago, embodying the principle of "early buyers benefit, late buyers enjoy discounts."

While optimizing network quality, the Solana blockchain continues to focus on collaborations with corporate brands to achieve real-world applications in various fields and provide a cheap and fast DApp user experience.