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Solana Labs has launched a new payments protocol, Solana Pay, that allows merchants to accept payments in cryptocurrencies directly from consumers. Solana pay will accept USDC, SOL and other tokens on the Solana blockchain.
The announcement came as Solana’s price moved against a critical resistance of $100 and headed towards $120 on the back of a bull recovery after it shed almost half of its value. SOL was trading at $113.11 as of this writing, according to CoinMarketCap.
Solana Pay, an open protocol for developers with standardized payment specifications to build on and customize, will make it possible for merchants to connect directly to Solana or use software built by e-commerce providers.
Solana Pay is known to be a peer-to-peer infrastructure dedicated to payments and is designed completely for enabling the global market consisting of different point-of-sale (POS) providers and online merchants.
It is a collaboration between Solana Labs, payments processor Checkout.com, payments infrastructure company Circle and payments gateway Citcon, in addition to wallet integrations from Phantom and FTX.
The software development system of the built-in platform will act as the intermediary between the cryptocurrency segment and fiat-centric businesses.
“Solana Pay transforms outdated one-way transaction models into powerful, two-way merchant-to-consumer relationships, giving brands and retailers a direct channel to surprise and delight their customers in new ways,” said Sheraz Shere, head of payments at Solana Labs, Cointelegraph reported.
Citcon, a leading mobile wallet payment processing and integration company, plans to add Solana Pay to its offering, making it easy for merchants to accept U.S. digital dollars across commerce channels, including online and physical stores.
“Our merchants want to be where their customers are — Solana Pay provides a simple integration to existing check-out flows that will provide our merchants and their customers with a great way to transact in digital dollars for everyday purchase,” said Citcon CEO Chuck Huang.
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Solana Pay is also supposed to launch a payment-centric series of hacking events in 2022 in a bid to connect the entire global community consisting of white hats and developers with its technology infrastructure.
Although the Solana blockchain enables cheaper and more efficient transactions, a recent attack on the Ethereum and Solana bridge known as Wormhole robbed users of an estimated $328 million in the fourth-largest breach in the history of decentralized finance.
READ MORE: Crypto Hacker Burglars Hit DeFi Wormhole Ether-Solana Bridge For $328M: Here’s What We Know
READ MORE: The $328M Wormhole Heist: Why Are Crypto Chain Bridges Like Wormhole Dangerous And Risky?
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