Solana Pay: A Stablecoin Payments Fix For Merchants
Solana, being touted as the Ethereum killer, announced plans to add a payment method called Solana Pay to fix network congestion problems it has been facing. This service will allow direct use of dollar-backed cryptocurrencies. Solana Pay is an open protocol that aims to connect developers and online merchants for point-of-sale developments, enabling sellers and […]
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Per an official announcement, payment giant VISA expanded its stablecoin settlement services to the Solana blockchain. The program is currently in a pilot and testing phase but looks to improve upon the capabilities of the legacy payment rails. Related Reading: Solana Co-Founder Pushes For SOL Token Redistribution From FTX To Bankrupt Exchange’s Users VISA Doubles […]
Merchants can now accept payments made through USDC and convert the funds directly into fiat currency. Global payment processor Checkout.com has launched a new stablecoin settlement system that will allow merchants to process crypto payments from their customers in real time — potentially widening the use cases of stablecoins within e-commerce. The stablecoin settlement system centers around Circle’s USD Coin (USDC), the second-largest stablecoin by market capitalization, and allows merchants to automatically convert USDC payments into fiat upon receipt. The service will be available to....
A recent report from Techcrunch noted the integration between Solana and Shopify. One of the largest marketplaces in the world, the cooperation will enable millions of businesses and customers to use digital assets for their purchases. Related Reading: Solana In Turbulence: Analyzing The Death Cross And What Lies Ahead Solana Enters The Mainstream With Shopify Cooperation? Speaking with the media outlet, Josh Fried from the Solana Foundation highlighted that the Pay supported by stablecoin USDC is the first to integrate with the marketplace. This digital asset was chosen due to its low....
The platform is working alongside popular payments firm Circle to support the adoption of USDC, among other assets, throughout the traditional markets. Solana Pay is a peer-to-peer payments infrastructure designed to enable the global market of online merchants and point-of-sale providers the ability to accept and settle payment transactions in a panoply of digital assets.A joint collaboration between Solana Labs, Checkout.com, Circle and Citcon, in addition to wallet integrations from Phantom and FTX, the platform’s inbuilt software development kit acts as an intermediary between....
A survey conducted by Deloitte in collaboration with PayPal found that over 85% of merchants “are giving high or very high priority to enabling cryptocurrency payments.” In addition, “nearly three-quarters of those surveyed reported plans to accept either cryptocurrency or stablecoin payments within the next 24 months.”
Majority of Merchants Surveyed Plan to Enable Crypto Payments
Financial services firm Deloitte published a report titled “Merchants getting ready for crypto” on Wednesday in collaboration with payments giant....