What is Solana Pay?
What’s Going On?
Solana Labs has just recently released a payment protocol for digital commerce featuring Solana Pay. This is huge news as Solana Pay will allow merchants to accept crypto payments right from consumers. View the full Twitter Thread explaining Solana Pay here.
Solana Pay allows for real time payments in USDC, $SOL, and other tokens on the SOL blockchain.
The coolest part about this is that transactions are supposed to be instant, allowing merchants to receive payment right away. This is a commonly seen problem with coins like Bitcoin and Ethereum that have very long transaction times which would make using these coins as payment extremely difficult.
“trying to change the whole paradigm of payments to one that puts merchants in control by creating rails that are decentralized, permissionless and P2P [peer-to-peer] and enable new commerce experiences in web3.” — Sheraz Shere
This is extremely exciting news we have here, this new era of payments is the first step into allowing for even greater adoption of cryptocurrencies into the real world. As seen in the tweet above, we are already seeing real-world uses of Solana Pay! What coin do you think will be next to offer a service like this?
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