Solana Pay is a peer-to-peer payments infrastructure made possible through a joint collaboration with different platforms, namely Solana Labs, Checkout.com, Circle, and Citcon. It was created to give online merchants and point-of-sale providers across the globe the opportunity to accept and settle payments using digital assets.
Solana Pay has a built-in software development kit that mediates between crypto and traditional fiat businesses. It revealed in an exclusive statement that it considers the “most prevalent use-case to be with digital dollar currencies,” much like the stablecoin USDC from Circle. But not only that, but Solana Pay also enables the option to choose Solana-related assets, such as Solana’s SOL, Serum’s SRM, FTX’s FTT, and others.
Solana Pay is built on the Solana blockchain, which was launched in April 2019 and quickly rose to the top of the ranks as the network with affordable transaction fees and high transaction speeds. As such, Solana Pay is looking to offer a low barrier-to-entry payment option. In addition, it also intends to integrate other up-and-coming asset classes into its infrastructure, such as non-fungible tokens (NFTs).
Cointelegraph reached out to Sheraz Shere, Solana Labs’ head of payments, who also co-created the Google Wallet. During the interview, Shere discussed his expectations regarding Solana Pay’s capabilities in supporting the Solana ecosystem’s wider growth in 2022.
Cointelegraph also interviewed Austin Federa, Solana Labs’ head of communication, on December 22, 2021. In the interview, they discussed the recent network outages that Solana has been experiencing, centralization, scalability, and more.
Shere also said that Solana Pay would be helping all merchants throughout the onboarding process this year, no matter their prior education.
Among other things, Solana Pay also plans on launching several payments-centric hacking events within the year to try and connect developers and whitehats globally.
