Solana Pay has been officially launched into the Digital Payments space and tries to compete with the bigger platforms in the sector of payments apps, but will the network be up to the task? Let’s find out in today’s latest blockchain news.
Solana labs announced Solana PAy service In joint collaboration Circle, Bitcoin, Phanton, Slope, FTX, and Checkout.com. The announcement stated that the premise behind the new service is that digital payments and its technology will go from being a necessary service utility to a true peer-to-peer communication channel between the consumers and merchants. The app will allow users to send stablecoins like USDC from their wallets into a merchant’s account where they are settled instantly with low fees.
— Solana (@solana) February 1, 2022
The next phase of development will enable the merchants to send crypto assets back to the consumers that will open new capabilities in commerce that were not possible before according to the head of payments for Solana Labs, Sheraz Shere. Shere worked at American Express and Google and even helped to launch Wallet and Google Pay.
Solana Pay is entering into a crowded ecosystem into the existing payments app where the tech giants Apple and Google are dominating. There are other huge payment players like Paypal which is also working on its own stablecoin, as well as Cash App, Venmo, Wise, and Stripe. A few of this support actually support crypto but Solana aims to bridge the gap by more than just paying with crypto as Shere elaborated:
“Merchants have been able to accept crypto currencies for years, but acceptance usually means settling in non-stable currencies, swapping out one intermediary for another, and duct-taping together square pegs and round holes.”
He added that merchants should benefit from the advantages of decentralized payments like network cost savings, zero fraud liability, defi yield generation, ownership of customer relationships, and more. Solana Pay will operate with USDC but it will allow other networks’ tokens like SRM, SOL, and FTT.
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The SOL price already gained 4% and nears $110 but the asset was still trading down 58% from its high in November. Solana was dubbed as the Ethereum killer due to its higher throughput but it has suffered a lot of network outages whcih makes it highly questionable. The network suffered a 48-hour outage caused by arbitrage bots and this allowed a DDOS attack which knocked it out earlier in the same month while Solana went down last year due to similar issues.
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