Solana, “The Ethereum killer” just launched Solana Pay. It is a peer-to-peer decentralized payment platform with intends to expand its ecosystem. As a result, many crypto fans are already talking about whether Solana will be the future payments network.
Solana has launched Solana Pay
Solana Pay was launched on February 1st this year. It brings a new set of decentralized payment standards and protocols for merchants. Also, it enables direct acceptance and settlement of digital dollar currency, such as USD Coin (USDC).
1/ Introducing Solana Pay, a decentralized, secure, and open-source payments protocol for the next generation of merchant payments 💸#SolanaPay https://t.co/mI2hMIh79G
— Solana (@solana) February 1, 2022
While Solana Labs played a vital role in the development of this payment platform, other companies FTX, Phantom, and Circle were also involved.
Moreover, this payment solution eliminates the need for a middleman. Furthermore, these transactions may usually be completed for a fraction of a cent.
In addition, Solana Pay separates itself from the competition by offering a lightning-fast decentralized payment platform. This is due to its use of the Solana blockchain. It provides a “near-instantaneous” settlement of 400 milliseconds. Scalability is 65,000 TPS, and transaction costs are extremely cheap, about $0.00025. Bitcoin, on the other hand, can only handle 7 TPS, and Ethereum can only process 13 TPS.
Also, Solana Pay offers a competitive advantage in user-friendliness. It’s as simple as authorizing a barcode at the POS or on a merchant’s website. As a result, by utilizing the Solana Pay SDK, a merchant will be able to create a peer-to-peer connection with a large number of Solana wallet users.
Advantages of Solana Pay
Bitcoin (BTC), Ethereum (ETH), and other cryptocurrencies claim to allow near-instant crypto payments. But these networks, particularly Ethereum, are expensive and not as fast as they promise. However, Solana is faster and less expensive, which attracts both businesses and customers.
Also, it enables its users to make P2P payments in real-time in SOL token or any other supported Solana token. Furthermore, Solana Pay does not support chargebacks. It eliminates an expensive issue that traditional merchants experience.
Moreover, this payment solution is perfect for retailers also because it provides detailed transaction reports. That include:
- Wallet Destination
- Currency Type
- Transaction Amount
- Text Sections
Note: These details are kept completely private from the rest of the network, allowing both the customer and the merchant to transact without being viewed.
Users of Solana Pay
More than 600 merchants have taken part in the Solana Pay ecosystem. Also, others are already integrating it into their payment processes. Here are some of the users:
Using Solana Pay, Autonomous created an e-commerce experience that included escrow smart contract capabilities and on-chain dispute resolution. Also, Autonomous integrated many unique features to its payment flow via Solana Pay, which are now being used in live transactions.
MtnPay launched an iOS Point-of-Sale app that integrates Solana Pay with Square point-of-sale software. This payment solution authenticates directly with a merchant’s Square shop. It synchronizes inventory and transactions, while the transfer of assets between the customer and merchant is validated at the time of purchase.
Great engaging with the @mtnDAO community and hearing their thoughts around Web3 policy. It was a true honor being the 1st Congressman to use @mtnPay built on @solana. https://t.co/A4446pjCp6
— Rep. John Curtis (@RepJohnCurtis) February 18, 2022
- Small merchants
Smaller businesses are also adopting Solana Pay. The Feature boutique at the Wynn Las Vegas recently completed its first transaction. It brings the concept of on-chain sneaker transactions one step closer to reality. In the heart of Silicon Valley, Red Giant Coffee makes it simple to pay with this crypto payment solution. Atlas Cafe, a San Francisco mainstay, now accepts Solana Pay.
What is next?
Solana Pay’s primary goal is to digitally replicate cash transactions. It will take time to solve the “last mile problem,” but the ecosystem has spoken: Consumers should be able to transact in a new way.
Also, developers have been actively giving feedback and making adjustments to the protocol code. A new feature is on the way that will take its QR codes beyond simple transfers. It enables almost any transaction on Solana to be active by an interactive request between a checkout app and a mobile wallet. Such as minting NFTs, discounts, and DeFi-powered loyalty programs.
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