Solana Pay Brings NFT Minting With Transaction Requests
Solana Pay, the first decentralized payments platform, introduced a transaction requests feature for developers and merchants.
The transaction requests brings Solana transactions into the real world, enabling NFT minting, dynamic discounts, tokenized loyalty programs, and others. It can be done through an interactive request between a checkout app and a mobile wallet.
Solana Pay Brings Decentralized Payments into Real World
Solana in an official announcement on its website said it is bringing transaction requests for developers and merchants on the Solana Pay payment protocol. It allows users to mint NFTs as the demand for Solana-based NFT projects continues to rise. Moreover, it will bring discounts and loyalty programs to the payments platform.
Customers can execute Solana Pay transaction requests by scanning a merchant QR code, which makes the wallet send an HTTP request to the merchant API. Thereafter, the merchant makes a customized transaction for the customer after receiving the wallet address. The customer then approves the transaction by signing with their private key and sending the transaction to the network.
The transaction requests can bring use cases such as minting NFTs or loyalty tokens transfer. Moreover, it will enable refunds, chargebacks, insurance, buy-now-pay-later, discounts, rewards, and yield generation under DeFi transactions. It may also allow merchants and brands to send tokens, invitations, and gifts to customers.
The transaction requests are now live on Phantom and Solflare crypto wallets. Other wallets will soon support the new feature.
In order to promote blockchain-based payments and help customers make transaction requests, Solana Pay plans to demonstrate transaction requests live at the Atlas Cafe in San Francisco, California on May 5.
Solana Pay Reshapes Payments Space
Solana Pay had witnessed massive adoption by merchants and customers. Until now, the platform allowed one-way transfers of SOL, USDC, NFTs, and other tokens for developers and merchants. The new features bring more functionalities to the platform, which could lead to the dominance of Solana Pay.
Solana’s (SOL) price has jumped nearly 10% in the last 24 hours, with the current price trading at $92.67.
- Michael Saylor Says “No New Orange Dots” Pausing Bitcoin Buys as Holdings Hit Record $79B
- Experts Turn Bullish on Pudgy Penguins as PENGU Leads Meme Coin Buys on Solana
- ASTER to Launch Phase 2 Airdrop on October 10 as Open Interest Tops $5B in Two Weeks
- El Salvador’s Bitcoin Holdings Hit $475M Profit as BTC Becomes World’s 7th Largest Asset
- Breaking: Bitcoin Hits New ATH Above $125k as ‘Uptober’ Kicks Off in Full Force
- Dogecoin Price Rebounds 15% From Buy Zone as Whales Add 30M DOGE – Can Bulls Push Beyond $0.30?
- FLOKI Price Prediction as ETP Listing Drives Adoption—Is a 160% Rally Ahead?
- BNB Coin Price Hits ATH as Derivatives Activity Soars—Is $1,520 the Next Stop?
- Aster Price Eyes $3 After Channel Breakout as Open Interest Surges to $1.37B
- Will XRP Price Hit $5 if the SEC Approves ETFs This Month?
- Bitcoin Price Hits $120K Ahead of Q4 — Can Citigroup’s Forecast Hold Up?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
