Solana Pay is now connected to Shopify thanks to the integration of a plug-in that allows the e-commerce giant’s customers to connect Solana-based crypto-wallets and pay.
Summary
Solana Pay and the new plug-in on Shopify for crypto payments in USDC
Solana Pay, the protocol built on Solana’s blockchain, has announced the integration of the plug-in on Shopify to enable users to make payments in USD Coin (USDC).
Below is the news shared by both Solana and Circle’s Director, EU Strategy & Policy, Patrick Hansen.
Basically, the new plug-in, which combines Solana Pay and Shopify, allows the ecommerce giant to connect Solana-based crypto-wallets and settle payments on the chain with merchants using USDC.
Not only that, according to Hansen’s words, this new integration reduces the average cost per transaction to $0.00025, compared to 1.5% and 2.5% fees for credit cards.
Solana Pay in Shopify for crypto payments with USDC
Overall, Solana Pay is designed precisely to benefit merchants by eliminating bank fees, chargebacks, and wait times, thus enabling payments in stablecoin such as USDC immediately and directly.
In this regard, Josh Fried, business development manager of the Solana Foundation said the following:
“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.”
Any Shopify customer can now integrate the Solana Pay plug-in among their payment methods, simply download the app and follow the steps.
SOL’s price and USDC’s market cap
Over the past 24 hours, Solana (SOL) has seen a small +5.70% pump in its price, which, at the time of writing, is $21.77.
The ninth largest crypto by market capitalization is, in a sense, following the general trend of the major crypto assets, as Bitcoin (BTC) also saw a slight pump in price compared to yesterday, although only by 1.35%.
USD Coin (USDC) also seems to have marked a slight pump in its market cap, which has risen in the past 24 hours to $26 billion. In this case, however, despite USDC being the sixth largest crypto by total market capitalization, its rise is still very slow.
In fact, looking at USDC’s yearly chart, it now appears that its descent that began in March 2023, when the market cap was over $43 billion, has flattened but not yet stopped.
In terms of market cap, SOL has also fallen again. Indeed, around 11 August SOL had surpassed Dogecoin (DOGE) in terms of market capitalization, placing eighth.
Specifically, SOL had recorded a market cap of $8.77 billion, compared to DOGE’s $8.57 billion. At the time of writing, SOL has a $8.86 billion market cap against DOGE’s $8.96 billion.
