Shopify, the leading e-commerce platform, has expanded its payment solutions by incorporating Solana Pay, enabling millions of merchants to accept cryptocurrency payments. The initial rollout will involve USD Coin (USDC), with plans to introduce other altcoins like Solana and Bonk Coin (BONK) in the near future.
Solana Labs’ Josh Fried hailed the fusion of digital assets and payment solutions as crypto’s “killer app,” emphasizing the potential benefits. Solana Pay’s integration could substantially slash transaction costs, offering an average charge of $0.00025 per transaction compared to credit card processing fees ranging from 1.5% to 3.5%.
Shopify, accounting for 10% of all US e-commerce transactions ($444 billion globally), has progressively incorporated Web3 solutions, including blockchain commerce tools and crypto wallet connectivity.
Solana’s average fee paid by users. Source: Solana
This move presents an opportunity for Solana’s blockchain to demonstrate its capabilities. Historically, Solana encountered reliability issues, but recent statistics show improvement, achieving 100% uptime since February 25. Solana Pay, launched in February 2022, collaborates with Checkout.com, Circle, Citcon, and Phantom for peer-to-peer payment infrastructure.
Shopify’s adoption of Solana Pay signals a significant step in expanding crypto adoption among online retailers and enhancing blockchain technology’s real-world applications.