- Shopify has integrated with Solana Pay, allowing businesses to use it for payments.
- The initial payment option for this integration will be USD Coin (USDC).
- The integration can also help merchants set up loyalty programs with “little development”.
- Solana Pay is now integrated with Shopify, enabling enterprises on the e-commerce platform to leverage the protocol for transactions.
Shopify has approved the integration of Solana Pay for its platform, allowing merchants to accept payments for goods in USDC, a cryptocurrency whose value is pegged to the US Dollar. The integration will be available via an app that can be downloaded from Shopify’s official app store.
Solana Pay, a decentralized payment protocol by Solana Labs, has integrated its plug-in with Shopify, allowing millions of businesses on its platform to use it for payments. USDC, the second-largest stablecoin, will be the initial payment option for this integration. Going with USDC first wasn’t unintentional. Most merchants are probably more willing to accept something so closely tied to the dollar. USDC is also more regulated than, say, many altcoins, and consumers in general are already used to transacting in digital dollars.
“The initial payment gateway for this Shopify integration will be USD Coin…”
Josh Fried, a senior business development manager at Solana, said that “the initial payment gateway for this Shopify integration will be USD Coin, a stablecoin with a market cap of $25.9 billion. This strategic selection aims to attract merchants more inclined to accept payment options closely aligned with the US dollar”.
The integration can also help merchants set up loyalty programs with “little development”. These reward systems can be as simple as launching NFT loyalty tokens that would transpire when a consumer checks out, and if they return to buy something again and use Solana Pay, the store can give them a discount.
Solana Pay is now integrated with Shopify, enabling enterprises on the e-commerce platform to leverage the protocol for transactions. Through the end of 2023, millions of entrepreneurs and merchants will have access to no-fee, Web3-native payments.
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