Solana Pay is a peer-to-peer payment infrastructure designed to empower the global marketplace of online retailers and point-of-sale providers to accept and process payment transactions across a wide variety of digital assets.
A joint collaboration between Solana Labs, Checkout.com, Circle and Citcon, in addition to Phantom and FTX wallet integrations, the platform’s integrated software development kit acts as an intermediary between traditional fiat-centric businesses and the cryptocurrency sector, promising broader promotion Engagement and acceptance by traditional consumers.
In an exclusive statement, Solana Pay announced that they see the “most common use case with digital dollar currencies” like Circle’s stablecoin USDC, but also enable the option of Solana-related assets like Solana’s native SOL, FTX’s FTT, and Serum’s SRM, among other.
Built on top of Solana — a blockchain that launched in April 2019 and quickly became known for its high-speed and fraction-of-cent transaction fees — Solana Pay seeks to offer a low-barrier-to-entry crypto payment alternative with the ability to integrate emerging asset classes like no other fungible tokens or NFTs.
Cointelegraph spoke exclusively with Head of Payments at Solana Labs, Sheraz Shere – formerly responsible for co-designing Google Wallet – to discuss his expectations for Solana Pay in supporting the broader growth of the Solana ecosystem in 2022.
Shere revealed that the platform “leverages Solana’s unique differentiators of high throughput, low cost and scalability,” before noting that:
“While Solana Pay will provide seamless payments for Web3 participants in the Solana ecosystem, we believe this protocol will go beyond Web3 and will transform the payments ecosystem in physical and online commerce.”
Related: Solana could become the “Visa of Crypto”: Bank of America
in a (n Interview with Cointelegraph on Dec. 22, Head of Communications at Solana Labs, Austin Federa, spoke on topics including recent network outages such as the one in mid-September – an incident that has been attributed to denial of service attacks – the benefits of scalability and node centralization issues.
Noting that Solana Pay is focused on supporting the onboarding process of merchants, regardless of their educational background, over the coming year, Shere concluded that:
“We anticipate a growing understanding among mainstream traders of the benefits of stablecoins and digital dollars.”
Additionally, Solana Pay is expected to launch a series of payment-centric hacking events this year to connect the global community of developers and whitehats to their technology infrastructure.
