- Merchants and customers may use Solana Pay to accept and settle digital dollar money.
- The transfer of assets between consumer and merchant is validated at sale time.
This last month has seen Solana Pay emerge as the first decentralized permissionless payments rail that allows businesses to accept digital currency like USDC for a fraction of a cent and without the need for middlemen at the point of sale. At this point, more than 600 businesses have signed on to the Solana Pay ecosystem, and others in the community are already using it for their own financial transactions.
Solana Pay is being used by Autonomous.ai to provide an e-commerce experience that included escrow smart contracts and on-chain dispute resolution. Using Solana Pay, consumers save money, and the company has a long-term plan for on-chain functionality. A new iOS Point-of-Sale app from MtnPay.so, which integrates Solana Pay with Square’s point-of-sale software, was released this week. MtnPay authenticates directly with a merchant Square shop to maintain inventory and transactions in sync. The transfer of assets between consumer and merchant is validated at sale time.
Merchants and customers may use Solana Pay to accept and settle digital dollar money, such as USD Coin (USDC), at the point of sale and online, using a new set of decentralized payment standards and protocols.
Using the Solana blockchain, retailers will be able to accept and transfer any volume of digital dollar currencies at any time and anywhere for costs as low as fractions of a penny using the Solana Pay service.Many companies were involved in the development of Solana Pay’s decentralized, open, peer-to-peer protocol: Solana Labs; Circle; Checkout.com; Citcon; Phantom; FTX and Slope. As a result, a big or small retailer, e-commerce platform or payment service provider, one can now use Solana Pay to help shape the future generation of payments by integrating and customizing it.