Solana Labs has announced its decentralized payment mechanism, Solana Pay, as well as its cooperation with e-commerce behemoth Shopify.

This agreement adds Solana Pay as a new payment option for the numerous businesses that use Shopify’s platform.

The connection will first allow USDC payments, with ambitions to integrate additional cryptocurrencies in the future.

According to the official statement, Solana Pay will eliminate traditional banking fees, chargebacks, and waiting times by providing immediate and direct settlement for USD stablecoins compatible with Solana.

Furthermore, merchants and consumers who use Solana Pay will benefit from Web3-enabled e-commerce experiences such as token-based promotions, hassle-free foreign payments, and loyalty programs based on NFTs.

Josh Fried, Head of Commerce Business Updates at the Solana Foundation, reacted to the developments and stated, “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.”

The computing world witnessed the birth of Solana Pay in February 2022, a pioneering open-source system built on Solana’s layer-1 blockchain.

Its inaugural journey includes a big cooperation with e-commerce behemoth Shopify, providing a new payment channel for enterprises.

The initial payment mechanism for this collaboration is USDC, a stablecoin with a market worth of $26 billion.

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