Shopify businesses can now use Solana Pay for free crypto transactions. It’s a new way to buy and sell things using digital money, and there are no extra fees.
Solana Pay, created by Solana Labs, has joined forces with Shopify. This teamwork lets lots of Shopify businesses use Solana Pay for cryptocurrency transactions without paying any fees until 2024.
“Today, Solana Pay works with Shopify, helping millions of business owners accept quick, web3 payments with no fees until the end of 2023.”
Solana Pay started in February 2022 on the Solana network. At first, it lets you pay with USDC, a stable digital coin like the US dollar. This choice makes sense, as it’s steady and watched by regulators. They might add SOL in the future.
SolPay is also part of Solana Saga on mobile phones. You can use it if your device connects to a Solana wallet. The price of Solana Saga dropped to $599 from $999 in August.
Benefits of the Solana and Shopify Partnership
Over 11 million active accounts on Solana might soon be able to connect with Shopify businesses, which make up about 10% of all U.S. online buying and contribute to a massive $444 billion in global economic activity. But, companies will probably need to activate Solana Pay in their online shops to start taking payments.
Fried, a spokesperson, explained that payments are a really important part of crypto, saying,
“Some people say the best thing about crypto hasn’t appeared yet, but it has: it’s payments.”
This means moving toward ways of paying that don’t need big companies in the middle, which could cut down how much businesses pay for each transaction. Regular credit card fees can take up to 5% of a sale, while on Solana’s blockchain, it’s just a tiny fraction of a cent.
The partnership might also help businesses make loyalty programs more easily. Fried said these reward plans could be as simple as making special digital tokens that customers get when they buy things with Solana Pay.
This partnership news comes at a time when there are big changes happening in the crypto world. Some major digital currencies, like SOL, were recently removed from platforms like Robinhood, Bitstamp, and Revolut because of legal issues with the U.S. Securities and Exchange Commission (SEC) and companies like Coinbase and Binance.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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