Solana Labs launched Solana Pay—a new payments protocol allowing merchants to accept crypto payments directly from consumers last February 1, 2022. It was developed as a peer-to-peer payments infrastructure in collaboration with Checkout.com, Circle and Citron, as well as wallet integrations from FTX, Phantom and Slope.
‘Solana Pay gives merchants a new, simplified framework to transact with their customers, enabling them to accept and settle funds directly with no intermediaries, zero fraud liability, and processing fees measured in fractions of a cent. Solana Pay transforms outdated one-way transaction models into powerful, two-way merchant-to-consumer relationships, giving brands and retailers a direct channel to surprise and delight their customers in new ways’, Solana Labs Head of Payments Sheraz Shere stated.
Built on the Solana blockchain, the platform is also aiming to present a low barrier-to-entry crypto payment option for new investors, as well as the inclusion of other digital assets like non-fungible tokens (NFTs).
Shere also announced that the company is preparing the onboarding process of new merchants accepting crypto payments, stating that they want to promote the benefits of stablecoins and digital assets among sellers.
A vehicle rental company in the United States called Bandago Van Rental has already established its Solana Pay point-of-sale integration for its customers located in San Francisco shortly after the platform’s release.
‘Transaction and merchant fees, particularly for visitors traveling from overseas, can be significant. Working with Solana will help lower our customers’ costs, while giving us instant access to the funds. We are excited to explore this new frontier of payment processing, and think this will be both easy and cheaper for our customers, which is always a winning combination!’ Bandago CEO Sharky Laguana expressed.
However, although the Solana blockchain is known for its high-speed transactions and cheaper fees, it is experiencing outages.
Just recently, Solana was targeted by a denial-of-service attack, significantly slowing the network down. Shere, on the other hand, stated that the protocol developers are continuously enhancing the network to accommodate millions of users without compromising its scalability.
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