SOL Launches Its Own Payment Service, Its Name Is Solana Pay

JAKARTA – Crypto Solana (SOL) launched its payment service called Solana Pay which is built on Solana's own blockchain. Solana Pay is a peer-to-peer payment infrastructure designed to enable a global marketplace including online merchants and retail owners.

Through Solana Pay, online merchants will be able to receive and complete payment transactions in digital assets in full. The payment service has collaborated with Solana Labs, Checkout.com, Circle and Citicon. In addition, Solana Pay will be integrated with Phantom and FTX digital wallets as reported by Cointelegraph.

Solana Pay itself claims that they experience “the most common use cases with digital dollar currencies” such as the stablecoin USDC Circle, but the service also allows payments with crypto assets SOL, FTX, SRM Serum, and others.

Solana Pay is built on the Solana network which is known for its transaction speed and very low fees. The Solana blockchain was launched in 2019 and its popularity immediately skyrocketed as it offers an alternative to crypto payments with low transaction fees. In addition, Solana has also launched its own NFT marketplace, Solsea.io.

In addition, Solana Labs through Sheraz Shere, who previously worked on the creation of Google Wallet, stated that he supports the growth of the wider Solana ecosystem throughout 2022. Sheraz said that Solana Pay will "transform the payment ecosystem across physical and online commerce."