Launch of Solana Pay to expand the crypto e-commerce market

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Solana Pay is a peer-to-peer payment infrastructure designed to enable the global marketplace of e-merchants and point-of-sale providers to accept and settle payment transactions across an array of digital assets.

A joint collaboration between Solana Labs, Checkout.com, Circle, and Citcon, in addition to Phantom and FTX wallet integrations, the platform’s integrated SDK acts as a middleman between traditional fiat-centric companies and the cryptocurrency industry, promising to promote broader mainstream consumer engagement and adoption.

In an exclusive statement, Solana Pay revealed that they see the “most prevalent use case with dollar digital currencies” such as Circle’s USDC stablecoin, but also enable the option of linked assets. to Solana such as Solana’s native SOL, FTX’s FTT. , and Serum’s SRM, among others.

Built on Solana – a blockchain that launched in April 2019 and quickly became renowned for its high-speed and fractional cent transaction fees – Solana Pay seeks to provide a low-barrier crypto payment alternative to the entry, as well as the possibility of integrating emerging asset classes such as non-fungible tokens or NFTs.

Cointelegraph spoke exclusively with Solana Labs Head of Payments Sheraz Shere – formerly responsible for co-creating the Google Wallet – to discuss its anticipation for Solana Pay supporting the broader growth of the Solana ecosystem throughout long of 2022.

Shere revealed that the platform “leverages Solana’s unique differentiators of high throughput, low cost, and scalability,” before stating that:

“While Solana Pay will provide frictionless payments to Web3 participants in the Solana ecosystem, we believe this protocol transcends Web3 and will transform the payment ecosystem in physical and online commerce.”

Related: Solana Could Become the ‘Crypto Visa’: Bank of America

In an interview with Cointelegraph on December 22, Solana Labs communications manager Austin Federa discussed topics related to recent network outages such as the one in mid-September – an incident attributed to denial of service attacks – scalability benefits and issues around node centralization, among others.

Shere noted that Solana Pay is committed to supporting the onboarding process for merchants throughout the coming year, regardless of their previous training, concluding that:

“We anticipate a growing understanding among traditional traders of the benefits of stablecoins and digital dollars.”

On top of that, Solana Pay is also set to launch a series of payments-centric hacking events this year in an effort to connect the global developer and whitehat community to their technology infrastructure.

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