Shopify, a significant participant in the e-commerce industry, just announced its partnership with Solana Pay, enabling payments with Solana-compatible USD stablecoins like USDC by Circle. Given Shopify’s considerable sway over the e-commerce industry, this development potentially signal a wider acceptance of cryptocurrency payments.
How does Solana Pay work?
Solana Pay is a decentralized payment system created by Solana Labs. This will soon be available to a huge number of businesses on Shopify as an approved app integration. This alliance enables quick blockchain payments at no cost for many vendors and is designed for immediate transactions with virtually little gas prices. Additionally, through this blockchain-focused payment strategy, merchants will gain from token-based benefits and simple international transactions.\
Savings Potential for Shopify Merchants
The significant cost savings for customers using Solana Pay with USDC were emphasized by Patrick Hansen, Circle’s Director of Strategy and Policy for the European Union. In stark contrast to the normal 1.5–2.5% credit card fees every purchase, he noted that USDC-based transactions would only cost about $0.00025 per item. Given that approximately 10% of all online purchases made in the U.S. are made through Shopify, a decrease in transaction costs might result in considerable savings for the platform.