Solana’s new payment protocol aims to bring digital currencies to the mainstream
Solana Pay is the latest functionality added to the vast array of services the Solana blockchain supports. The new payment protocol aims to make payments easier on Solana. It offers users and merchants alike the chance to benefit from the decentralized power of the blockchain.
Solana Pay ushers in a new era of payments and commerce. The Solana team aims to pave the way for a future where digital currencies are prevalent. Additionally, they are looking into a future where digital money moves through the internet like data. Making things easy for mainstream consumers to purchase digital assets.
For the moment, the main goal of this new platform is to allow customers to pay with digital currencies tied to the US dollar. This includes tokens like USDT and USDC. Importantly, this will allow transactions to settle immediately, to the cent. What’s more, users will not have to wait for third-party approval.
According to the official press release, a secondary benefit from the incorporation of this service will be the increased level of trust. As Solana allows for immutable transactions and offers complete transparency, both customers and merchants will feel safer in their economic interactions.
Solana Pay offers new relationship-building tools for merchants
Aside from the increased trust between customer and merchant, Solana Pay will allow sellers and service providers to tailor new products and promotions. This in turn will allow them to build even stronger connections with their customers thanks to custom offers.
At the moment, this type of tailor-made experience is somewhat possible. However, having access to a transparent ledger with all transactions a customer makes, gives merchants more data to work with. In this sense, they can anticipate their customers’ needs better, and offer more appealing products to individuals based on their previous activity. While global adoption of cryptocurrencies and digital currencies is still far away, Solana Pay considers their service a first step.
It will be interesting to see how such a service manages to persevere in a rather unfavorable legislative climate. DappRadar will continue monitoring Solana Pay on its road to mainstream adoption. If you want to learn more about the Solana blockchain check out the official DappRadar Solana Rankings. Additionally, you can follow DappRadar on Twitter to learn the latest Solana news first.