Blockchain platform Solana has launched its own decentralized payments protocol, allowing the use of other digital assets for transactions.
SOL is up 16.93%.
Solana Pay will be able to process up to 65,000 transactions a second, with settlements at 400 milliseconds. It is touted to have peer-to-peer technology and low-cost capabilities.
Under Solana Pay, merchants and customers will be able to accept and move compatible digital assets such as USDC at any time. It was developed with Solana Labs, Checkout.com, Circle, and Citcon.
The service will be integrated into Phantom and FTX through their digital wallets, targeted to cater to e-commerce platforms, payment providers, and merchants. They will need to enable a barcode for customers to make transactions.
Solana Labs Head of Payments Sheraz Shere said the product would transform ‘outdated” one-way transaction models into “powerful, two-way” merchant-to-consumer relationships.