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Payment system Solana Pay to help merchants accept crypto payments

Payment system Solana Pay to help merchants accept crypto payments

Solana Labs has launched a protocol allowing merchants to accept cryptocurrency payments directly from customers. This will solve the long-standing issue of using cryptocurrencies in the real world. 

Why is it so important? 

  • This will make life easier for investors and cryptocurrency holders. 

The possibility of paying directly with cryptocurrency for goods can boost the crypto industry. 

According to the Binance press service, the Solana Pay protocol will support the USDC Stablecoin, its own SOL token, and other tokens on its blockchain. It is expected that payments will be immediate just like payments made with regular bank cards. Solana Labs developed the project jointly with Checkout.com, Circle and Citcoin, supporting the integration of FTX, Slope, Phantom digital wallets. 

At the same time, the major focus is on small and medium-sized businesses, who should be interested in extremely small commissions. For cryptocurrency holders, this protocol will simplify their lives, as they will no longer need to spend time and money on converting digital coins into fiat money. 

We should note that this is the first innovation in this year. It is likely that other blockchains will follow Solana Pay in creating similar protocols.  

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