E-commerce giant Shopify has added Solana Pay to its pool of payment options, allowing millions of merchants to use the platform to accept transactions in cryptocurrencies, starting with payments in the U.S. Dollar Coin (USDC) stablecoin.
Solana Labs’ Josh Fried called the intersection of digital assets and payment solutions a “crypto killer app,” adding that everyone “should double down on this.”
Compared with credit card processing fees, Solana Pay can significantly reduce transaction costs, Fried said. The network’s average fee is $0.00025 per transaction, while credit card fees range from 1.5% to 3.5%. In the last epoch, Solana users paid an average transaction fee of 0.000009664 SOL.
Shopify estimates that 10% of e-commerce transactions in the US, or a global e-commerce market of $444 billion, occur through its platform. The company has gradually integrated Web3 solutions into its operations, including a suite of blockchain commerce tools and encrypted wallet connectivity for Web3-centric stores.
Shopify’s transaction volume will serve as a testing ground for the Solana blockchain. For previous years, Solana had been struggling with reliability and uptime issues. Its co-founder, Anatoly Yakovenko, called these problems a “curse,” attributing the network’s low-cost transactions.
However, recent statistics indicate that network performance is improving. According to its latest earnings report, Solana has had 100% uptime since February 25th, without any interruptions throughout the quarter. An outage in February took the network offline for nearly 19 hours.
Launched in February 2022, Solana Pay is a peer-to-peer payment infrastructure that enables merchants to accept and settle payment transactions across digital assets. The platform is a collaboration between Solana Labs, Checkout.com, Circle, and Citcon, with wallet integration from Phantom.
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