Shopify enables USDC payments via Solana Pay integration

Shopify now supports Web3 commerce features like cross-border transactions and NFT loyalty schemes through its integration with Solana Pay

article-image

Paul McKinnon/Shutterstock, modified by Blockworks

share

Solana Pay is now integrated with Shopify, enabling enterprises on the e-commerce platform to leverage the protocol for transactions.

Through the close of 2023, millions of entrepreneurs and merchants will have access to no-fee, Web3-native payments, the team said on Wednesday.

Shopify payments can now serve as a portal for a Web3 commerce experience, facilitating cross-border transactions, token-based incentives and NFT loyalty schemes for merchants utilizing Solana Pay, according to a statement.

Loading Tweet..

Josh Fried, a senior business development manager at Solana, told TechCrunch that the initial payment gateway for this Shopify integration will be USD Coin, a stablecoin with a market cap of $25.9 billion. This strategic selection aims to attract merchants more inclined to accept payment options closely aligned with the US dollar. 

Solana is reportedly also considering the prospective addition of other digital assets, including SOL and BONK, a Solana meme coin.

Introduced last year, Solana Pay is engineered to facilitate dollar-pegged stablecoin transactions for both vendors and shoppers. The platform is tailored for online as well as point-of-sale transactions, with the capability to handle any volume of digital dollar transfers on Solana’s blockchain.

The Solana ecosystem has over 11.5 million active users, with an average transaction cost of a mere $0.00025.

Major crypto entities like Circle and Phantom, along with payment processors such as Checkout.com and Citcon, have embraced Solana Pay.

Additionally, Solana projects like MonkeDAO, MadLads, Helius and Solana’s merch store have incorporated Solana Pay into their Shopify-operated online shops.

Solana Labs’ Saga phone also supports the payment method.

Shopify has previously ventured into Web3 by allowing merchants to provide NFT-based loyalty incentives and directly sell NFTs to consumers.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2023

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Research Report Cover Vertex.jpg

Research

The proliferation of new perp DEXs has led to fragmented liquidity across various DEXs and chains. Vertex, known for its vertically-integrated DEX that includes spot, perpetual, and integrated money markets, is now tackling cross-chain liquidity fragmentation through horizontal integration with the launch of new Edge instances. Vertex's integrated offerings and cross-margined account structure amplify the benefits of new instances: native cross-chain spot trading, optimized cross-chain basis trading, consistent interest rates, reduced bridging friction, and more.

article-image

Partnering with EtherFi and Angle, the fully on-chain perp DEX features bespoke collateral

article-image

Sponsored

Gavin Wood introduced the next evolutionary step for the Polkadot network: the Join-Accumulate Machine, or JAM

article-image

The side events were the places to be at Consensus 2024, according to attendees

article-image

Also, who’s come out swinging in the spot ether ETF fee war — and who could undercut them

article-image

I know it is not in their nature, but US regulators could learn a lot by researching the digital asset frameworks that overseas regulators have already gotten right

article-image

Also, the ETF hype train can count out at least one member