Shopify to accept USDC payments with Solana: Report
E-commerce huge Shopify has actually included Solana Pay to its swimming pool of alternatives for payment, permitting millions of merchants to utilize the platform to accept crypto transactions, beginning with USD Coin (USDC) stablecoin payments. According to TechCrunch, Solana prepares to include other altcoins to the platform in the coming months, including its native token Solana (SOL) and the meme token Bonk Coin (BONK). Josh Fried from Solana Labs branded the crossway of digital properties and payment services as the “killer app for crypto,” adding that” [Everyone] must be doubling down on this.” According to Fried, Solana Pay can drastically lower deal costs compared to credit card processing costs. The network typical charge is $0.00025 per deal, while credit card processing expenses vary from 1.5% to 3.5%. In the last epoch, Solanas users paid a typical transaction fee of 0.000009664 SOL.Solanas average fee paid by users. Source: SolanaShopify approximates that 10% of all e-commerce transactions in the United States are made through their platform, or $444 billion of the worlds e-commerce market. The company has slowly integrated Web3 options into its operations, consisting of a suite of blockchain commerce tools for Web3-focused shops and crypto wallet connect functions. Shopifys volume will work as a proving ground for the Solana blockchain. In previous years, Solana battled with dependability and uptime issues. Its co-founder Anatoly Yakovenko dubbed the problems as a “curse” credited to the networks low-priced transactions.Recent data, nevertheless, suggest that the network performance is improving. According to its newest efficiency report, Solana has experienced 100% uptime given that Feb. 25, marking an entire quarter without an outage. The single February outage saw the network knocked offline for almost 19 hours.Launched in February 2022, Solana Pay is a peer-to-peer payment infrastructure that gives merchants the ability to settle and accept payment transactions across digital possessions. The platform is a collaboration in between Solana Labs, Checkout.com, Circle and Citcon, together with wallet integrations from Phantom. Magazine: Deposit threat: What do crypto exchanges truly do with your money?
According to TechCrunch, Solana plans to include other altcoins to the platform in the coming months, including its native token Solana (SOL) and the meme token Bonk Coin (BONK). According to Fried, Solana Pay can dramatically lower deal expenses compared to credit card processing charges. In the last date, Solanas users paid an average transaction fee of 0.000009664 SOL.Solanas average fee paid by users.
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Other Questions People Ask
What does the report say about Shopify accepting USDC payments with Solana?
The report indicates that Shopify has integrated Solana Pay into its payment options, allowing merchants to accept USDC payments. This move enables millions of Shopify merchants to engage in cryptocurrency transactions, starting with the USD Coin stablecoin. Additionally, Solana plans to introduce more altcoins in the future, enhancing the payment options available to users.
How will Shopify's acceptance of USDC payments with Solana impact transaction costs?
Shopify's acceptance of USDC payments through Solana Pay is expected to significantly reduce transaction costs for merchants. The average transaction fee on the Solana network is just $0.00025, compared to credit card processing fees that can range from 1.5% to 3.5%. This cost efficiency could encourage more merchants to adopt cryptocurrency payments, potentially transforming the e-commerce landscape.
What are the future plans for Solana Pay in relation to Shopify's USDC payments?
According to the report, Solana intends to expand its offerings on the Shopify platform by adding other altcoins, including its native token SOL and Bonk Coin (BONK). This expansion aims to provide Shopify merchants with a broader array of cryptocurrency payment options. As Solana Pay continues to evolve, it could play a crucial role in integrating digital assets into mainstream e-commerce.
How does the integration of Solana Pay with Shopify benefit e-commerce merchants?
The integration of Solana Pay with Shopify offers e-commerce merchants a streamlined way to accept cryptocurrency payments, starting with USDC. This not only opens up new revenue streams but also attracts a tech-savvy customer base interested in using digital currencies. Furthermore, the low transaction fees associated with Solana Pay can enhance profit margins for merchants compared to traditional payment methods.
What improvements have been made to the Solana network that support Shopify's USDC payments?
The report highlights that the Solana network has shown significant improvements in reliability and uptime, achieving 100% uptime since February 25. This enhancement addresses previous concerns about network stability, which had been a barrier to broader adoption. With these improvements, Shopify's integration of USDC payments through Solana Pay can operate more effectively, providing a reliable payment solution for merchants.