Shopify, the massive player in e-commerce, has integrated Solana Pay into its array of payment choices. This incorporation empowers millions of merchants to employ the platform in embracing cryptocurrency transactions. It has commenced with payments using the USD stablecoin.

Choosing USDC as the initial option was not accidental. Most likely, merchants are more inclined to embrace something closely connected to the dollar. USDC also boasts greater regulation than numerous alternative coins. Besides, consumers are already accustomed to conducting transactions by using digital dollars.

Josh Fried, the head of commerce business development of Solana Foundation, asserted that while certain individuals contend the awaited breakthrough application for cryptocurrency is yet to manifest, it already exists in the form of payments. He emphasized that everyone should substantially invest their efforts in this direction.

What Will Solana Pay Bring Into Shopify?

Reportedly, Solana’s intentions encompass incorporating various alternative coins into the platform throughout the upcoming months. Among these are its inherent SOL token and the meme-originated token named Bonk.

According to its website, Shopify makes up 10% of the overall e-commerce market in the United States. It also contributes to a global economic activity of $444 billion. The Solana ecosystem boasts more than 11.5 million active accounts. The company has been progressively incorporating Web3 solutions into its activities. These involve introducing blockchain-based business tools tailored for Web3-oriented shops and functionalities enabling connecting with cryptocurrency wallets.

A business typically incurs credit card processing fees ranging from 1.5% to 3.5% per transaction. However, Fried stated that utilizing the Solana Pay option results in negligible fees. He mentioned that the average transaction cost on Solana’s blockchain is $0.00025, equivalent to a fraction of a cent. 

Crypto firms, like Helius, Mad Lads, and MonkeDAO, have affirmed their commitment to incorporating Solana Pay into their Shopify storefronts. 

The integration is feasible for any crypto wallet centered around Solana that has successfully integrated with Solana Pay. These wallets, such as Phantom, Solflare, and Glow, will be able to connect with the plug-in.

Solana Labs envisions its blockchain as an ideal fit for payments. According to Fried, swift transactions are essential for merchant payments. Waiting for wallet transactions on a website or enduring a three-minute payment processing time at a store’s point of sale is something people prefer to avoid.

About Solana Pay

In collaboration with, Circle, Citcon, and wallet integrations from Phantom, Solana Labs introduced Solana Pay in February 2022. This peer-to-peer payment infrastructure empowers merchants to receive and finalize payment transactions using digital assets.