'Solana Pay' is a New Blockchain Payment Software from 'Solana Labs'
Colin Smith — February 4, 2022 — Business
'Solana Labs,' the public blockchain platform and home to 'SOL Coin,' has announced a new proprietary payment software named 'Solana Pay.' Solana Pay will enable merchants to process transactions and move "stablecoin" currencies compatible with the Solana blockchain. Included in this list of stablecoins is U.S. Dollar Coin (USDC), meaning this payment platform will be desirable for many merchants to use in their POS systems.
Solana Pay's direct integration with the Solana blockchain and platform as a whole means Solana can optimize the entire system. The results of this total unification include the ability to process 65,000 transactions per second near instantaneously. On top of this, Solana Pay only takes a transaction fee of $0.00025 per transaction.
Solana has stated that enabling Solana Pay on a POS network or system will be incredibly simple and not time-consuming.
Image Credit: Solana
Solana Pay's direct integration with the Solana blockchain and platform as a whole means Solana can optimize the entire system. The results of this total unification include the ability to process 65,000 transactions per second near instantaneously. On top of this, Solana Pay only takes a transaction fee of $0.00025 per transaction.
Solana has stated that enabling Solana Pay on a POS network or system will be incredibly simple and not time-consuming.
Image Credit: Solana
Trend Themes
1. Blockchain Payment Software - Developing proprietary payment software that integrates with one's blockchain platform can increase merchant adoption and improve transaction speed and fees.
2. Stablecoin Compatibility - Adding stablecoin compatibility, like U.S. Dollar Coin (USDC), to a blockchain payment platform can make it more desirable for merchants to use in their POS systems.
3. Instant Transaction Processing - Optimizing a blockchain payment system, such as the Solana blockchain, to process 65,000 transactions per second near instantaneously can provide a disruptive innovation opportunity for faster and more efficient payment processing.
Industry Implications
1. Blockchain - Blockchain companies can develop proprietary payment software to optimize their platforms and compete with traditional payment providers.
2. Payment Processing - Payment processing companies can integrate stablecoin compatibility and optimize their systems for faster and more efficient transaction processing to stay competitive in the market.
3. Retail - Retail companies can leverage blockchain payment platforms with stablecoin compatibility for their POS systems to streamline their transactions and minimize transaction fees.
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