2023-08-24
Solana Pay, a decentralized payment service by Solana Labs,
has integrated its USDC plug-in with Shopify.
Solana Pay launched in February 2022 and it runs on
Solana blockchain.
Millions of businesses on Shopify can now accept USDC
payment with Solana Pay.
USDC has been chosen because it is the most regulated
stablecoin. Shopify has a market share of 10% in U.S. e-commerce.
For transaction fees, credit cards cut between 1.5% and 3.5%
per transaction from merchants. But Solana Pay charge only $0.00025 fee for a
transaction. Visa can process 24,000
transactions second. While, Solana blockchain can process 50,000 transactions
per second. Solana take 6-12 seconds to process a transaction.
Solana will consider adding other cryptocurrencies on
Shopify in the future.
Solana is the 9th largest crypto by market
cap. However, Solana is the most valuable non-EVM smart contract
cryptocurrency. Solana has near-zero transaction fees. Solana Pay is
convenient for both domestic and international payment.
