Solana Pay launches to expand crypto e-commerce market
Solana Pay is a peer-to-peer payments infrastructure designed to enable the global market of online merchants and point-of-sale providers the ability to accept and settle payment transactions in a panoply of digital assets.
A joint collaboration between Solana Labs, Checkout.com, Circle and Citcon, in addition to wallet integrations from Phantom and FTX, the platform’s inbuilt software development kit acts as an intermediary between traditional fiat-centric businesses and the cryptocurrency sector, promising to promote wider engagement and adoption from traditional consumers.
In an exclusive statement, Solana Pay revealed that they perceive the “most prevalent use-case to be with digital dollar currencies” such as Circle’s USDC stablecoin, but also are enabling the option of Solana-related assets such as Solana’s native SOL, FTX’s FTT, and Serum’s SRM, among others.
Built upon Solana — a blockchain that launched April 2019 and quickly became regarded for its high-speed and fraction-of-a-cent transaction fees — Solana Pay is seeking to provide a low barrier-to-entry crypto payment alternative, as well as the possibility for integration of emerging asset classes such as nonfungible tokens, or NFTs.
Cointelegraph spoke exclusively to the Head of Payments at Solana Labs, Sheraz Shere — formerly responsible for co-creating the Google Wallet — to discuss his anticipations for Solana Pay in supporting the wider growth of the Solana ecosystem throughout 2022.
Shere revealed that the platform “leverages Solana’s unique differentiators of high throughput, low cost and scalability”, before stating that:
Related: Solana could become the ‘Visa of crypto’: Bank of America
In an interview with Cointelegraph on Dec. 22, Head of Communications
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