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The Solana Pay payment protocol allows merchants to generate transaction requests with appropriate metadata.
Solana Labs has announced the launch of Solana Pay, a decentralized, open, and truly peer-to-peer payment protocol. The protocol provides a specification that allows the consumer to send digital dollar currencies, such as USDC, from their wallet directly into the merchant’s account.
Additionally, Solana noted through a series of tweets that users can send any SOL token for a fraction of a penny and without any intermediaries.
Solana Pay is intended to help merchants accept payment in digital assets through a fast-growing blockchain. Besides, there are other benefits that merchants get to enjoy by using the Solana-based payment protocol.
“Accepting USDC and other digital assets lets merchants access the benefits of the Solana ecosystem: DeFi yield opportunities, zero payment fraud liability, instant settlement, and ownership of the customer relationship,” the firm noted.
Moreover, the Solana Pay payment protocol allows merchants to generate transaction requests with appropriate metadata. By partnering with other leading blockchain-based companies, Solana Pay is poised to scale further in the future.
Utility in the crypto industry has been dubbed as the holy grail to global adoption. In this case, the real-world utility that includes bringing together the merchants and their customers is bound to help Solana stay on top of the crypto market.
Speaking to Cointelegraph, head of payments at Solana Labs, Sheraz Shere said that the payment protocol leverages key aspects of the Solana blockchain including fast, cheap, and secure transactions.
“While Solana Pay will provide frictionless payments to Web3 participants in the Solana ecosystem, we believe this protocol transcends Web3 and will be transformational for the payment’s ecosystem across physical and online commerce,” Shere noted.
Solana Pay and the Crypto Market
The Solana ecosystem has grown to one of the top 10 blockchain projects in the lasat year. The ecosystem experienced astronomical growth last year fueled by huge endorsement by popular marketing people on different social media platforms.
With the new payment protocol, the Solana blockchain is expected to reach more people than ever before. Mind you the rate of crypto adoption has moved to the next level that involves daily activities for people not familiar with blockchain technology.
Reportedly, the payment protocol is expected to launch a series of hacking events this year to bring together developers from all over the world.
The SOL coin has gained approximately 3.4% in the past 24 hours to trade around $109.64 at the time of reporting.
According to market data provided by CoinGecko, the SOL market capitalization stood at around $34.5 billion with a 24-hour trading volume of approximately $2.95 billion.