[Shopify accepts Solana’s USDC payment]
E-commerce giant Shopify has integrated Solana Pay, allowing many merchants to use this platform for cryptocurrency transactions, and supports the USDC stable currency for the first time.
TechCrunch reports that Solana will add other tokens in the coming months, such as its native token Solana and the meme coin Bonk Coin (BONK).
Josh Fried of Solana Labs called the combination of digital assets and payments the "killer application" of cryptocurrency and emphasized that "everyone should redouble their investment in this industry." Fried noted that Solana Pay can significantly reduce transaction costs, averaging just $0.00025, which is far less than the 1.5%-3.5% fees of credit cards.
Shopify estimates that its platform accounts for 10% of U.S. e-commerce transactions, equivalent to a global market capitalization of $444 billion. The company is actively integrating Web3 initiatives, such as a Web3-focused store and crypto wallet connectivity tools.
Solana will be scrutinized due to the high volume of Shopify transactions. In the past, Solana has suffered from some technical issues that its co-founder Anatoly Yakovenko called a "curse" and attributed them to low transaction costs.
However, recent data shows that Solana's performance has improved. Since February 25, the network has reached 100% normal operation and there have been no failures in the first quarter.
Solana Pay debuted in February 2022 as a peer-to-peer payment infrastructure for merchants to receive and settle digital assets. It is built by Solana Labs, Checkout.com, Circle, Citcon and Phantom Wallet.
