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Solana Pay: a new payments protocol for digital commerce

01 Feb 2022 : 17:03
2 min read
  • Solana Labs has launched Solana Pay, a payment protocol for merchants
  • The the protocol can be used to accept the USD Coin (USDC) stablecoin and the SOL token
  • Moreover, the native tokens on the Solana blockchain can also be used

Solana Pay is the new digital payments protocol that was launched by Solana Labs and can be used by merchants to allow crypto payments directly from the consumers. The expansion of Solana has been widespread in 2021, and it seems that this will continue in the year 2022. 

More about Solana Pay

Solana Pay is a protocol that allows merchants to pay via cryptocurrencies with great ease. Furthermore, the protocol can be used to accept the USD Coin (USDC) stablecoin and the native token of the platform, SOL. In addition to these, the tokens based on the Solana blockchain can also be used by merchants.

The announcement from the official website of Solana confirms the following:

“We believe this will pave the way for a future where digital currencies are prevalent and digital money moves through the internet like data – uncensored and without intermediaries taxing every transaction.”

Furthermore, the official blog says that “the core premise behind Solana Pay is that the payment and underlying technology goes from being a necessary service utility to the true peer-to-peer communication channel between the merchant and consumer.”

Expansion of SOL

The expansion of Solana picks up a new journey with Solana Pay, a “payment rail ready to build on today, allowing users to spend crypto without relying on a centralized entity.” 

Moreover, the Solana Wallet Phantom raised $109 million in a Series B funding round. The funds will help improve the wallet’s technical capabilities, such as better app recognition, and allow the company to hire additional staff. The popularity of Solana has surged in recent days. In a research report published, Alkesh Shah, the digital asset strategist at Bank of America, said that the Ethereum competitor might be the “Visa of Crypto.”

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