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How Much Can Shopify Users Save Per Order With Solana Pay?

Solana Pay had announced the integration with its plug in with e-commerce platform Shopify for USDC stablecoin payments.
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How Much Can Shopify Users Save Per Order With Solana Pay?

E-commerce giant Shopify untapped the potential of crypto market in payments with the latest announcement on the integration of Solana Pay for Solana-compatible USD stablecoins like the USDC, offered by Circle. Considering the massive share of e-commerce market the platform controls, this could likely be the beginning of a massive shift towards crypto payments.

Also Read: Terra Luna Classic Validator To Fund USTC Repeg Team As Community Rejects Proposal

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What Is Solana Pay?

Solana Pay is a decentralized payments protocol built by Solana Labs. With this, millions of businesses will have it as an approved app integration on Shopify. The app is built for instant transactions and near-zero gas fees. This partnership enables real time payments through blockchain without any costs for millions of merchants. With the blockchain based payments, the merchants would have the advantage of having ability to handle token based rewards and seamless across countries.

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How Much Cost Will Shopify Users Save

Patrick Hansen, the Director of European Union’s Strategy and Policy at Circle, said users would be able to save a great deal in average cost per transaction if done using Solana Pay and USDC. He revealed that the USDC transactions would cost a meagre $0.00025 per order, as against the 1.5-2.5% in credit card fees per order. This could be a massive improvement in terms of cost cutting for the e-commerce platform, which controls about 10% of the total online shopping activity in the United States.

The e-commerce platform is one of the bigger names to have jumped into the crypto bandwagon in recent times. On the institutional front, financial companies like Blackrock and Fidelity have shown interest in offering Bitcoin based products via spot ETF filings with the U.S. Securities and Exchange Commission (SEC).

Also Read: Ethereum’s Bollinger Bandwidth the Narrowest Since 2018, Where Will ETH Price Swing?

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Anvesh Reddy

Anvesh reports major crypto updates around U.S. regulation and market moving trends. Published over 1400 articles so far on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at anvesh@coingape.com or x.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/

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