E-commerce firm Shopify has initiated a positive impact on the crypto industry by introducing stablecoin payments in its platform via Solana Pay.
Though digital asset payment solutions have gained traction recently, their scale of growth has been relatively small. The scenario could soon change, as e-commerce major Shopify announced a new feature for stablecoin payments. It would start accepting crypto payments via Solana Pay.
Solana Pay, built on the Solana blockchain, would initially start USDC payments for Shopify. Solana has clarified that the popularity of the USDC would help merchants familiarize themselves with the process. Moreover, it also said the regulated and dollar-backed factor of the stablecoin would help in adoption.
“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,” said Josh Fried, senior official at Solana.
He also said Solana Pay’s feature in Shopify could drastically reduce fees. With transaction costs broadly below credit card charges, it would be a cheaper option, he implied.
In the near future, Solana will also add other crypto tokens to the platform for broader reach. Moreover, Shopify’s popularity in the United States could also be a catalyst for more digital asset payment solutions. Its market share of 10% of all e-commerce transactions in the country could be the best reason for better adoption.