Ethereum-Challenger Solana (SOL) Launches New Peer-to-Peer Payments Feature

Smart contract platform Solana (SOL) is launching a new peer-to-peer payments feature that lets customers directly pay merchants.

According to an announcement by Solana Labs, consumers can now deposit cryptocurrencies or fiat dollars directly into vendor accounts for less than the cost of a penny using Solana Pay, cutting out the need for expensive intermediaries and middlemen.

“Solana Pay, a new payments protocol, ushers in a new era of payments and commerce. Our team helped create the building blocks for a decentralized, open and truly peer-to-peer payment protocol.

We believe this will pave the way for a future where digital currencies are prevalent and digital money moves through the internet like data – uncensored and without intermediaries taxing every transaction.”

Solana Pay would also serve as a communication hub between buyers and sellers.

“The core premise behind Solana Pay is that the payment and underlying technology goes from being a necessary service utility to true peer-to-peer communication channel between the merchant and consumer.”

Solana Labs says that the next phase of the feature would allow merchants to send digital assets directly back to customers.

“The next phase of development of the protocol will enable merchants to send digital assets back to the consumers which will open up new capabilities in commerce not possible before…

When a customer buys something, it’s a vote of support. A merchant should reward that support with personalized offers, on-chain loyalty programs, and unique virtual goods to accompany physical purchases.”

Solana is exchanging hands at $98.12 at time of writing, a 12% increase from its seven-day high of $87.63.

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Solana Pay launches to expand crypto e-commerce market

Solana Pay is a peer-to-peer payments infrastructure designed to enable the global market of online merchants and point-of-sale providers the ability to accept and settle payment transactions in a panoply of digital assets.

A joint collaboration between Solana Labs,, Circle and Citcon, in addition to wallet integrations from Phantom and FTX, the platform’s inbuilt software development kit acts as an intermediary between traditional fiat-centric businesses and the cryptocurrency sector, promising to promote wider engagement and adoption from traditional consumers.

In an exclusive statement, Solana Pay revealed that they perceive the “most prevalent use-case to be with digital dollar currencies” such as Circle’s USDC stablecoin, but also are enabling the option of Solana-related assets such as Solana’s native SOL, FTX’s FTT, and Serum’s SRM, among others.

Built upon Solana — a blockchain that launched April 2019 and quickly became regarded for its high-speed and fraction-of-a-cent transaction fees — Solana Pay is seeking to provide a low barrier-to-entry crypto payment alternative, as well as the possibility for integration of emerging asset classes such as nonfungible tokens, or NFTs.

Cointelegraph spoke exclusively to the Head of Payments at Solana Labs, Sheraz Shere — formerly responsible for co-creating the Google Wallet — to discuss his anticipations for Solana Pay in supporting the wider growth of the Solana ecosystem throughout 2022.

Shere revealed that the platform “leverages Solana’s unique differentiators of high throughput, low cost and scalability”, before stating that:

“While Solana Pay will provide frictionless payments to Web3 participants in the Solana ecosystem, we believe this protocol transcends Web3 and will be transformational for the payment’s ecosystem across physical and online commerce.”

Related: Solana could become the ‘Visa of crypto’: Bank of America

In an interview with Cointelegraph on Dec. 22, Head of Communications at Solana Labs, Austin Federa, spoke on topics of recent network outages such as that of mid-September — an incident that was attributed to denial-of-service attacks — the benefits of scalability and questions around centralization of nodes, among others.

Shere noted that Solana Pay is dedicated to supporting the onboarding process of merchants throughout the coming year, irrespective of their prior education, concluding that:

“We anticipate a growing understanding amongst mainstream merchants about the benefits of stablecoins and digital dollars.”

In addition to this, Solana Pay is also expected to launch a series of payments-centric hacking events this year in a bid to connect the global community of developers and whitehats with their technological infrastructure.