Shopify will now allow users to accept payments using Solana Pay, the payment protocol created on top of Solana. With this new integration, Shopify will let companies take payments in virtual currencies, reduce commissions and banking fees, and eliminate chargebacks or holding times.
Shopify to Accept Crypto Payments Through Solana
In a recently published press release, Solana Labs announced that Solana Pay will now be available to millions of businesses thanks to the most recent integration with Shopify Inc. Thanks to this integration, it will be easy for merchants to receive money for the products and services that they sell while reducing the payments they make in bank fees and chargebacks, among other things.
Josh Fried, the Head of Commerce business development at the Solana Foundation said:
“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.”
The Solana Pay protocol has been growing over the last few months by offering fast and almost zero-fee transactions. Therefore, this option became a great opportunity for merchants to integrate their payment systems with digital currencies.
According to the official announcement, several companies have committed to making Solana Pay a payment option in their storefronts.
CoinGecko reports that Solana (SOL) has a price per coin of $20.50 and a market valuation of $8.4 billion.