Shopify Adds Solana Pay for Crypto Transactions

The e-commerce colossus Shopify has added Solana Pay to its payment options, enabling millions of merchants to use the platform to accept crypto transactions, beginning with stablecoin payments in USD Coin.

TechCrunch reports that Solana intends to add additional altcoins to its platform, including its native token Solana and the meme token Bonk Coin (BONK).

The intersection of digital assets and payment solutions is the “killer app for crypto,” according to Solana Labs’ Josh Fried, who added, “Everyone should double down on this.

According to Fried, Solana Pay can significantly reduce transaction costs relative to credit card processing fees.

Solana’s average fee paid by users. Source: Solana

The average network fee per transaction is $0.00025, while credit card processing fees range from 1.5% to 3.5%. In the previous epoch, the average transaction charge paid by Solana users was 0.000009664 SOL.

Shopify estimates that 10% of all e-commerce transactions in the United States, or $444 billion of the global e-commerce market, occur on their platform.

The organization has progressively incorporated Web3 solutions into its operations, including a suite of blockchain commerce tools for Web3-centric stores and crypto wallet connect features.

The volume of Shopify will function as a test bed for the Solana blockchain. In prior years, Solana had reliability and availability issues.

Its co-founder, Anatoly Yakovenko, referred to the network’s low-cost transactions as a “curse” that caused the problems. However, recent statistics suggest that network efficacy is improving.

According to its most recent performance report, Solana has had perfect uptime since February 25, meaning a full quarter without an outage.

During the solitary outage in February, the network was offline for nearly 19 hours.

Solana Pay, which was introduced in February 2022, is a peer-to-peer payment infrastructure that enables merchants to receive and settle payment transactions across digital assets.

The platform is a collaboration between Solana Labs, Checkout.com, Circle, and Citcon, in addition to Phantom wallet integrations.