Shopify has approved the integration of Solana Pay for its platform, allowing merchants to accept payments for goods in USDC — a cryptocurrency whose value is pegged to the US Dollar. The integration will be available via an app that can be installed from Shopify’s official app store.
Developed by Solana Labs, Solana Pay is a decentralized, open-source, peer-to-peer payments protocol.
By operating without intermediaries, the protocol eliminates traditional banking fees, chargebacks, and holding times. Additionally, it facilitates fast settlement of payments.
The collaboration between Shopify and Solana Pay offers potential web3 commerce experiences for both merchants and consumers including token-gated offers, cross-border payments and NFT-based loyalty programs.
According to Josh Fried, Head of Commerce Business Development at the Solana Foundation, “Solana Pay on Shopify opens up millions of merchants to a more dynamic and efficient payment choice, while consumers get the convenience and increased utility of being able to pay for goods and services with digital dollar currencies from the vast network of merchants using Shopify.”
This is not the only way that Shopify merchants can accept payments in cryptocurrencies — the platform already supports several other payment gateways that let Shopify store owners take payments via digital currencies.
Solana Pay’s focus on USDC may appeal to merchants who are (understandably) nervous about accepting virtual currencies however, as it is a ‘stablecoin’ that is tied to the US dollar, making it less vulnerable to the sort of volatility associated with cryptocurrencies — in theory at least.
The Solana Pay app is available from the Shopify app store.
Related resource: Best Shopify apps for Beginners