Solana Pay, the fast and inexpensive decentralized payment app created by Solana Labs, has been integrated into Shopify’s e-commerce platform. This allows the millions of merchants using Shopify to offer Solana Pay as a payment option to their customers.
The initial launch focuses on allowing USDC payments, the second largest stablecoin pegged to the US dollar. “Some argue the killer app for crypto hasn’t arrived, but it has: it’s payments,” said Josh Fried of the Solana Foundation, emphasizing the potential of crypto payments.
Accepting USDC payments through Solana Pay allows merchants to avoid credit card fees, which can be up to 3.5%, and receive instant settlement. Solana Pay transactions cost a fraction of a penny, making it essentially free for merchants.
The integration also enables creative loyalty programs using NFTs. For example, customers could receive discounts for repeat purchases made with Solana Pay. Crypto brands like Helius, Mad Lads, and MonkeDAO plan to offer Solana Pay in their Shopify stores.
Shopify powers 10% of US e-commerce, facilitating $444 billion in global trade. It already supports Bitcoin and other crypto payments. Solana is known for previous network outages but has had 100% uptime since February.
This integration marks a major milestone for the mainstream adoption of crypto payments and validates Solana Pay’s role in the future of finance and commerce.
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