Solana Pay aims to bring instant, fee-free transactions to merchants. How is it claiming to do so, and what advantages does Solana Pay bring to the table?
), ETH and other cryptocurrencies claim to provide a near-instant crypto payment, but these networks are costly and not as instant as they might claim. For instance, Bitcoin features an average of seven transactions per second, while Ethereum averages thirteen transactions per second. Both Bitcoin and Ethereum are harmful to the environment as well. Solana’s network is faster and cheaper, which is attractive to businesses and customers.
Solana Pay allows its users to pay in real-time in SOL or any other supported Solana token, such as real-time payments in USD Coin , without involving a third-party such as a bank or payments processor. Moreover, Solana Pay doesn’t allow for chargebacks, removing a costly issue that traditional merchants often face.
Also ideal for merchants, Solana Pay offers detailed reports on every transaction such as wallet destination, currency type, the transaction amount and text fields for the merchant to describe the said transaction. These details are kept entirely private from the rest of the network, ensuring that both the customer and the merchant can transact without prying eyes.Solana Pay, the Solana team wants the world to look at Solana Pay as something bigger than allowing users to “pay with crypto.
Also, while Solana is faster than many of its competitors, Ethereum is still a much bigger platform overall. Ethereum has many more DApps and a larger user base than Solana, and Ethereum’s eventual move to Ethereum 2.0 could prove problematic for Solana as well.While Solana Pay might sound complex, integration for merchants is pretty simple. To start, a merchant must establish a Solana wallet, which they can do individually or through the FTX exchange.
The first NFT allows her to use those shoes in the metaverse, and the second is a receipt for her purchase. That receipt doubles as entry into the retailer’sSolana Pay is currently supported in three wallets: Phantom, Crypto Please and FTX. Phantom is a Solana-only wallet for
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