Solana has unveiled a decentralized payment protocol, Solana Pay, for merchants, e-commerce firms, and payment service providers.
The peer-to-peer solution runs on the Solana blockchain and supports Solana-based digital assets like USDC globally.
Supported merchants are required to enable barcodes for customers to initiate payments from their cryptocurrency wallets.
Circle’s stablecoin USDC would be the first medium of exchange powering the protocol, and other SLP tokens would follow in the future.
Solana Labs head of Payments, Sharaz Shere, says that the two-way solution is a disruptive affordable technology for merchants.
He adds that cryptocurrency wallets would enable retailers to distribute tokens, including NFTs, loyalty rewards, and exclusive offers to their clients.
Solana Pay was created with the backing of Checkout.com, Solana Labs, Circle, and Citcon. Phantom and FTX are also integrating the solution into their respective wallets.
Solana’s high transaction speed and relatively low fees caused it to rise from $1.5 at the start of last year to a high of $260. The token is currently at a retrace, trading at around $107.