Coinspeaker
Shopify Rolls Out USDC Payments with Solana Pay
Canadian e-commerce giant Shopify (NYSE: SHOP) has integrated Solana Pay into its network, meaning users can now make instant payments with cryptocurrencies like USDC. Although the platform is launching the new feature first with the USD coin stablecoin payments, it will gradually expand to allow more crypto assets soon. According to TechCrunch, the integration is propelled by Shopify’s commitment to widen crypto payment options for businesses on its platform.
The USDC is the first crypto payment option on Shopify due to its ties with the US dollar and its unparalleled regulatory mechanisms. More interestingly, every crypto transaction through this integration will be free of fees until the end of 2023.
A representative of the Solana Foundation, Josh Fried, emphasized the importance of seamless payment infrastructure in the crypto industry. He argued that crypto payment is the real killer app in the industry.
“Some people argue the killer app for crypto hasn’t arrived, but it has: it’s payments. [Everyone] should be doubling down on this.”
In addition to aiding USDC payments on Shopify, the integration will allow businesses to design their respective loyalty programs. Fried hinted that Solana’s plugin is easy to use. This makes it possible for businesses on Shopify to come up with NFT loyalty tokens. These tokens can be burnt whenever customers complete their crypto transactions with the app.
Shopify Begins USDC Payments as It Seeks to Widen Crypto Payment
Before its integration with Solana Pay, Shopify incorporated other crypto payment apps, including Coinbase, Crypto.com, Bitpay, and many more. In early 2023, the firm also unveiled numerous blockchain-based commerce solutions to help businesses on its network develop efficient solutions. All these signify Shopify’s commitment to widening access to crypto payment options and fostering users’ experience.
Its latest partner, Solana Pay, was developed as a peer-to-peer payment firm to provide enablements for users to settle payments with cryptocurrencies. Since its launch in 2022, the decentralized payment platform has earned the attention of prominent web3 firms owing to its optimal transaction speed, near-zero fees, and sustainability. By ensuring almost instant and direct payment settlement, Solana Pay has eliminated the presence of intermediaries and expensive bank charges. It is not surprising that it has secured the support of heavyweights, including Circle, Solana Labs, Phantom, Citcon, and many more.
Fried believes that Solana Pay’s presence on Shopify will expose millions of merchants to a more dynamic payment option. Likewise, consumers will also be able to pay for goods and services instantly with digital currencies, he added.
Solana Pay is expected to benefit significantly from Shopify’s strong presence in the E-commerce sector. Recall that the firm alone enjoys at least 10% of the total E-commerce in the United States, with a worth of over $444 billion in economic activities. Therefore, there is no doubt that the Shopify network is a massive platform for the payment infrastructure to thrive.
