Another Important Step Has Come From Solana: Now Businesses Are Involved!

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Solana has made a name for herself with the steps she has taken recently. According to the statements made, Solana Labs launched the Solana Pay product. In this way, businesses will be able to accept cryptocurrency payments directly from users or customers.

Solana Share

According to the statements made, with Solana Pay, businesses will be able to accept the USDC stablecoin, Solana’s native token SOL, and other Solana-based tokens on the Solana blockchain. Saying that transactions will take place instantly, Solana Labs adds that businesses will receive “real-time” payments.

In addition to these, Solana Labs states that they offer low fees, and that this way, businesses and customers will also have the advantage of low fees. “Businesses and consumers want a seamless experience without the unnecessary risk of volatility, and consumers don’t want to transact with their investments,” Sheraz Shere, head of payments at Solana Labs, told The Block.

Shere continued his explanations as follows:

We believe that if people can transact seamlessly on-chain, just as with cash, it will increase interest and create new innovations. That’s why the protocol was designed to allow developers to build new trading experiences on top of it.

Details about Solana Share

Solana Labs developed Solana Pay in partnership with Circle, Checkout.com and payment processing company Citcon, and with digital wallet integrations from Phantom, FTX and Slope. For example, Circle will allow businesses to accept USDC through a Circle account where they can convert funds into fiat. Phantom, on the other hand, will enable transactions via Solana Pay.

In addition, Solana Labs is also working with Shopify to allow businesses to accept crypto payments via Solana Pay, although this integration has yet to be implemented.

Solana Labs said in a statement on the subject, “Businesses that run their own payment flows can start creating integrations right away. With Solana Pay, small restaurants, shops, food carts and more will be able to accept cryptocurrency payments at very low fees.” He uses his words.