{"id":"solana-pay","version":1,"language":"en","title":"Solana Pay","hidden":false,"content":"**Solana Pay** is a set of payment standards and open-source protocol built on [Solana](https://iq.wiki/wiki/solana) that enables merchants to accept [USDC](https://iq.wiki/wiki/usdc) at the point of sale directly. It also enables developers to incorporate decentralized payments into their apps and services. [\\[1\\]](#cite-id-jgt7fsojy7e)[\\[5\\]](#cite-id-b2wicq1mm5f)  \n$$widget0 [YOUTUBE@VID](U2r3I77XqPM)$$  \n  \n# Solana  \n  \n[Solana](https://iq.wiki/wiki/solana) is a [blockchain](https://iq.wiki/wiki/blockchain) network founded in 2017 by [Anatoly Yakovenko](https://iq.wiki/wiki/anatoly-yakovenko). It utilizes a Delegated-[Proof-of-Stake](https://iq.wiki/wiki/proof-of-stake) [consensus mechanism](https://iq.wiki/wiki/list-of-consensus-mechanisms-in-blockchain) and is designed to support [decentralized apps](https://iq.wiki/wiki/decentralized-application), marketplaces, and enterprise applications and provides scalability while maintaining decentralization. [\\[6\\]](#cite-id-i04rmwp8sn)  \n  \n# History of Solana Pay  \n  \nSolana Pay payment platform was developed in February 2022 by Solana Labs alongside other companies - Shere, Circle, Checkout.com, Citcon, Phantom, [FTX](https://iq.wiki/wiki/ftx), and Slope. [\\[3\\]](#cite-id-vvsntosf0r)  \n  \nTeam Circle stated that:  \n  \n> “73% of businesses believe accepting digital payments is fundamental to growth in 2022,” according to a study by Visa. That same study revealed that 59% of those businesses “already are, or plan to, use only digital payments within the next two years.” [\\[2\\]](#cite-id-u5nkb1n9pnl)  \n  \nThe statistics were part of the foundation for Solana Pay, as Solana Labs, Circle, and their other partners wanted to be ready for these early adopters. Shere joined Solana Labs in 2021 to work on Solana Pay. [\\[2\\]](#cite-id-u5nkb1n9pnl)  \n  \n## Solana Pay Technology  \n  \nSolana Pay offers businesses and customers feeless transactions with low energy consumption by harnessing the power of the [Solana blockchain](https://iq.wiki/wiki/solana) network. The network claims to support 65,000 transactions per second and provides an \"easy-to-implement software development kit for businesses to integrate the product\". [\\[3\\]](#cite-id-vvsntosf0r)  \n  \nDevelopers building [DApps](https://iq.wiki/wiki/decentralized-application) on [Solana](https://iq.wiki/wiki/solana) can integrate Solana Pay for transactions, just as traditional retailers can implement it if they have a Solana wallet. The accessibility is why Solana is compared to PayPal, stating that Solana can do for [crypto](https://iq.wiki/wiki/cryptocurrency) payments what PayPal did for traditional online payments. [\\[3\\]](#cite-id-vvsntosf0r)  \n  \n## Solana Pay for Merchants  \n  \nSolana Pay can be integrated for merchants once the merchant establishes a Solana wallet, which can be done individually or through a [crypto exchange](https://iq.wiki/wiki/decentralized-exchange). Afterward, the merchant must implement some Solana Pay code into their website and encode their subsequent crypto payment request link into a QR code. Customers can then pay for goods and services digitally and in person by scanning a QR code within their SOL-supported wallet. [\\[4\\]](#cite-id-fowqdy1xw6m)[\\[7\\]](#cite-id-rsh00790rdi)  \n  \n## Solana Pay for Developers  \n  \nThe Solana community can propose changes and present new use cases for the product. Solana Pay’s documentation invites users to open up a GitHub issue if they want to propose changes and updates. [\\[3\\]](#cite-id-vvsntosf0r)  \n  \nShere, a Solana Pay launch partner suggests using [NFTs](https://iq.wiki/wiki/non-fungible-token-nft) for physical and digital transactions, such as buying a pair of shoes. After purchasing, the customer receives two NFTs: one for using the shoes in the metaverse and the other as a receipt. The receipt doubles as entry into the retailer's exclusive club of NFT holders, providing discounts and bonuses.[\\[8\\]](#cite-id-icrqygw3usa)  \n  \n# Solana Pay Integration with Shopify  \n  \nOn August 23, 2023, Solana Pay announced the integration of its plug-in with Shopify, allowing businesses on its platform to use it for payments. [\\[10\\]](#cite-id-0zvxu7kjpcir)  \n  \n> \"Today, Solana Pay integrates with @Shopify, empowering the millions of entrepreneurs and merchants on Shopify to accept fast, web3 native payments with no transaction fees through the end of 2023\" - Solana tweeted[\\[9\\]](#cite-id-6o1xqlth2dk)  \n  \nWith the integration, users are able to connect Solana-centric [crypto](https://iq.wiki/wiki/cryptocurrency) wallets, like Phantom, and settle payments on-chain with merchants using [USDC](https://iq.wiki/wiki/usdc). Although the USDC [stablecoin](https://iq.wiki/wiki/stablecoin) is the first payment option to be enabled via the integration, other crypto assets will follow in the future, as stated by a representative of the Solana Foundation.[\\[11\\]](#cite-id-wc08jm4iz7)  \n  \n> \"When thinking about this integration, we chose a stablecoin because merchants and consumers \"think in dollars,” Josh Fried, head of commerce business development at the Solana Foundation told CoinDesk.   \n> ”It creates a much simpler entry point when pricing is in a currency consumers and merchants naturally understand.”[\\[11\\]](#cite-id-wc08jm4iz7)  \n  \n  \n","summary":"Solana Pay is a decentralized payment standard and protocol built on the Solana blockchain, enabling digital dollar transactions at point of sale and within app...","categories":[{"id":"dapps","title":"Dapps"}],"promoted":0,"tags":[{"id":"Protocols"}],"metadata":[{"id":"references","value":"[{\"id\":\"jgt7fsojy7e\",\"url\":\"https://solanapay.com/\",\"description\":\"solana pay website\",\"timestamp\":1692956906944},{\"id\":\"u5nkb1n9pnl\",\"url\":\"https://www.circle.com/blog/solana-pay\",\"description\":\"circle = launch partner\",\"timestamp\":1692962370649},{\"id\":\"vvsntosf0r\",\"url\":\"https://cointelegraph.com/news/what-is-solana-sol-pay-and-how-does-it-work\",\"description\":\"cointelegraph on what is solana pay\",\"timestamp\":1692962995916},{\"id\":\"fowqdy1xw6m\",\"url\":\"https://zebpay.com/blog/what-is-solana-pay\",\"description\":\"zebpay = solana pay\",\"timestamp\":1692963869585},{\"id\":\"b2wicq1mm5f\",\"url\":\"https://solanapay.com/solanapay101\",\"description\":\"solana pay 101\",\"timestamp\":1692964280639},{\"id\":\"i04rmwp8sn\",\"url\":\"https://solana.com/\",\"description\":\"solana website\",\"timestamp\":1692964308674},{\"id\":\"rsh00790rdi\",\"url\":\"https://docs.solanapay.com/\",\"description\":\"documentation\",\"timestamp\":1692964482295},{\"id\":\"icrqygw3usa\",\"url\":\"https://www.protocol.com/newsletters/protocol-fintech/solana-pay-crypto-payments\",\"description\":\"Solana Pay could solve the crypto payments puzzle\",\"timestamp\":1692974268947},{\"id\":\"6o1xqlth2dk\",\"url\":\"https://x.com/solana/status/1694336131599393186?s=20\",\"description\":\"solana announcement of solana pay on shopify\",\"timestamp\":1694611877317},{\"id\":\"0zvxu7kjpcir\",\"url\":\"https://techcrunch.com/2023/08/23/solana-pay-plug-in-with-shopify-for-usdc-payments/\",\"description\":\"techcrunch - solana pay integration with shopify\",\"timestamp\":1694611907729},{\"id\":\"wc08jm4iz7\",\"url\":\"https://www.coindesk.com/tech/2023/08/23/shopify-customers-can-now-pay-in-usdc-via-solana-pay/\",\"description\":\"coindesk - shopify x solana pay\",\"timestamp\":1694611987032}]"},{"id":"website","value":"https://solanapay.com/"},{"id":"youtube_profile","value":"https://www.youtube.com/solana_pay"},{"id":"github_profile","value":"https://github.com/solana-labs/solana-pay"},{"id":"commit-message","value":"added info on solana x shopify"},{"id":"previous_cid","value":"QmRUhRqK5YAfE5dsZzBAm9aaXTHjv64KxwVw2wsBY9SJi1"}],"user":{"id":"0x212Cb3F4aE6611054637f9f78F18fB628AD258bb"},"author":{"id":"0x212Cb3F4aE6611054637f9f78F18fB628AD258bb","profile":{"username":"zainab","avatar":"QmZzhTxNPnCKWpsPJtS1YeZUiZ5vFSNHCeStpigLs2pRNt"}},"media":[{"name":"U2r3I77XqPM","id":"https://www.youtube.com/watch?v=U2r3I77XqPM","size":"0","type":null,"source":"YOUTUBE"},{"name":"5uABl49jknk","id":"https://www.youtube.com/watch?v=5uABl49jknk","size":"0","type":null,"source":"YOUTUBE"},{"name":"Screenshot 2023-08-25 125632.png","id":"QmboGicmRzXH4dpFhur6rExAXyrZCa3QunkjoDtzV1eCWa","size":"0.01","type":"GALLERY","source":"IPFS_IMG"}],"views":32,"events":[{"title":"Date Founded","description":"Solana Pay payment platform was developed in February 2022","type":"CREATED","date":"2022-02","link":"https://solanapay.com/"},{"title":"Solana Pay x Shopify","description":"On August 23, 2023, Solana Pay announced the integration of its plug-in with Shopify, allowing businesses on its platform to use it for payments","link":"https://techcrunch.com/2023/08/23/solana-pay-plug-in-with-shopify-for-usdc-payments/","date":"2023-08","type":"DEFAULT"}],"ipfs":"QmRUhRqK5YAfE5dsZzBAm9aaXTHjv64KxwVw2wsBY9SJi1","transactionHash":"0x8e3767930a48116192a0d14ccc3c769781cb05b582ca82ae0263bdff9b3b870d","created":"2023-08-25T12:01:04.027Z","updated":"2023-09-11T16:29:55.686Z","images":[{"id":"QmQicUsCTKh5JKzzu28ZPtMbQyvF1hWjXh9iRJR75XywGp","type":"image/jpeg, image/png"}],"linkedWikis":{"founders":["anatoly-yakovenko"],"blockchains":["solana"]}}