Solana Labs has launched the Solana Pay protocol, enabling online merchants to accept cryptocurrency payments directly from consumers.
1/ Introducing Solana Pay, a decentralized, secure, and open-source payments protocol for the next generation of merchant payments 💸#SolanaPay https://t.co/mI2hMIh79G
— Solana (@solana) February 1, 2022
With the solution, merchants will be able to accept the stablecoin USDC, the native SOL token, and other Solana-based assets at a negligible fee.
According to the statement, transactions will be instant, and funds will be credited in real time.
In the next phase of development, the protocol will provide merchants with a fully bidirectional channel of communication with customers. Merchants will be able to send reward tokens, NFTs, or promotional messages directly to the consumer’s wallet.
Solana Labs believes this will provide new marketing opportunities.
“Merchants should take advantage of all the benefits that decentralized on-chain payments can offer, such as lower network costs, additional income in DeFi, zero liability for fraud, instant settlements, and control over customer relationships,” the statement said.
The company’s partners in implementing the solution were Circle, Checkout.com, Citcon, Phantom, FTX and Slope.
In January, the Solana network shut down for 48 hours. According to users, this was the sixth blockchain outage in three months.
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