During an exclusive interview, a company’s representative said that the Solana Pay is “most prevalent use-case to be with digital dollar currencies” such as Circle’s USDC stablecoin, and that they are also providing the alternative of Solana-related assets like as its’s native token SOL, FTX’s FTT, and Serum’s SRM, among others.
Solana Pay is a peer-to-peer payments infrastructure that gives online merchants and point-of-sale providers around the world the capacity to accept and process payments in a variety of digital assets.
Solana Pay aims to provide a low-barrier-to-entry cryptocurrency payment alternative, along with the possibility of integrating emerging asset classes such as NFTs, based on the Solana blockchain, which was launched in April 2019 and quickly gained notoriety for its high-speed and small amount of transaction fees.
It attracted many eyes in December last year with the launch of the 16th product of Grayscale, the Solana Trust.
Merchants and customers want a seamless experience without taking on excessive volatility risk, and consumers don’t always want to pay with their investments, explains Sheraz Shere, Solana Labs’ head of payments.
“If people can seamlessly transact on-chain just like they do with cash, we believe that will spur interest and create new innovations, which are why the protocol is designed to allow for developers to build new commerce experiences on top of it.”
The fruitful partnerships by Solana Labs
In addition to wallet integrations from FTX and Phantom, the joint partnership of Solana Labs with Circle, Citron, and Checkout.com, has made the platform’s development kit an intermediary between the cryptocurrency industry and traditional fiat-centric businesses, promising to support intensive engagement and adoption from traditional customers.
For example, Circle will allow retailers to take USDC through a Circle Account, from where they can also convert cashback to fiat. Phantom, on the other hand, will accept Solana Pay transactions.
The company has also been collaborating with Shopify to allow their merchants to accept cryptocurrency payments using its payment solution, but the integration isn’t live yet.