Solana Labs Launches New Payments Protocol
Running on the Solana blockchain, the latest payment protocol was developed in partnership with USDC-issuer Circle, digital payments platform Checkout.com, mobile payments firm Citcon as well as wallet integrations with Phantom, FTX and Slope.
The latest payment protocol allows users to accept USDC stablecoin, Solana's native token SOL, and other Solana-based tokens on the Solana blockchain. Transactions will be instant where merchants will receive payments in "real-time"
Through its partnership with Circle, merchants will be able to convert their funds into fiat currencies while Phantom would enable transactions through Solana Pay.
Commenting on the development, Solana Labs Head of Payments Sheraz Shere, said:
“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. Merchants have been able to accept cryptocurrencies for years, but acceptance usually means settling in non-stable currencies, swapping out one intermediary for another, and duct-taping together square pegs and round holes.”
Targeting the e-Commerce Market
The product uses QR codes to enable direct peer-to-peer (P2P) transactions between the consumer and merchant, using a digital wallet rather than a fee-charging intermediary. The payment protocol is targeting e-commerce platforms, payment providers, and a variety of merchants.
Solana Labs is also working with e-commerce giant Shopify to let their merchants accept digital assets through Solana Pay but the integration is yet to go live.