• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: BREAKING: Saylor's Strategy Misses S&P 500 Inclusion, Robinhood Takes Spotlight
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: BREAKING: Saylor's Strategy Misses S&P 500 Inclusion, Robinhood Takes Spotlight
Solana SOL SOLUSDT

Solana Announces Payment Functionality, Here’s How It Looks In Action

Reynaldo Marquez
by Reynaldo Marquez
3 years ago
·
Posted in Solana
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Solana users will be able to leverage a new payment functionality. Per an official post from Sheraz Shere, Head of Payments at Solana Labs (SL), the network has the potential to achieve a long-term vision around payments.

Related Reading | How Michael Jordan Will Bet On Solana’s NFTs With New App

The post presents a hypothetical world where a customer is able to purchase an item with just a QR scan with their phone. A lost-cost and immediate transaction will give them ownership over their item, as the merchants receive the funds which are immediately set to generate “high-yield interest”.

In this scenario, the Solana user can benefit from an expanded payment experience; the merchant can submit customized orders, NFTs, and other unique items. In that way, a single purchase on the legacy payment becomes a one-time customer, becomes a permanent customer with Solana Pay, the network’s new payment framework and protocol.

The new functionality is set to unify a sector that has been, according to Shere, operated with separate components. Thus, the payment protocol running on this blockchain has set out to bring cohesion to the sector and remove friction from a process that is often cumbersome. The Head of Payments at SL said:

Even as our world has digitized and ways to pay have proliferated, the dance between merchants, intermediaries, banks, and technology has only become more fragmented. Threading the needle on a cohesive payment experience that rewards loyalty, drives repeat visits, and doesn’t cost an arm and a leg simply never happened.

Shere called this solution a building block for “decentralized, open and truly peer-to-peer payment protocol”. In that sense, the Heads of Payments expects this feature to support a future payment system that operates with the ease of sending an email, with cheaper fees, and with Bitcoin’s censorship resistance capabilities. Shere added:

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.

Related Reading | Is Solana Getting A Bump And Dump By Chamath Palihapitiya?

Solana, Controversy, And Innovation On The Blockchain

The Solana-based feature will let people send stablecoins, such as USD Coin (USDC), with immediate settlement and direct contact between merchant/consumer. The feature could be a first step into providing users with loyalty rewards, instant new offers/sales, and more.

Thus, this payment functionality could provide merchants with a chance to increase their engagement with the customers by removing third parties and intermediaries. In a future stage, the feature will let commerce also send cryptocurrencies back to a consumer.

However, the ultimate objective for the payment functionality goes beyond letting people “pay with crypto”, Shere said:

(…) this is about a vision where all currencies – including U.S. dollars – are on-chain and used for a wide range of transactions. Merchants have been able to accept crypto currencies for years, but acceptance usually means settling in non-stable currencies, swapping out one intermediary for another, and duct-taping together square pegs and round holes. It doesn’t need to be like this.

The payment protocol is free-to-use and will operate under a “net-zero environmental impact”. The feature has been supported by crypto exchange FTX, Citcon, Checkout.com, and Circle.

Related Reading | Inside The Solana Bull Palahapativa Uyghurs Controversy. Nuance?

As of press time, SOL trades at $105 with a 5% loss in 24-hours. The network has been highly criticized by some users due to its multiple outages in the past months, the blockchain has recorded at least 6 of these events which have negatively impacted user experience.

Solana SOL SOLUSDT
SOL with moderate losses in the daily chart. Source: SOLUSDT Tradingview
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Reynaldo Marquez

Reynaldo Marquez

Follow

As an editor at NewsBTC, Reynaldo is an experienced journalist passionate about all things crypto. Reynaldo has interviewed key industry leaders, and created unique pieces analyzing the promise of crypto as the next frontier for an economic and social transformation of humanity. Since 2018, he has been at the forefront of the industry, closely following every major development and analyzing critical events at the heart of the crypto industry. With a keen eye for detail and an unwavering commitment to excellence, Reynaldo has been instrumental in bringing the latest news and insights to the crypto community. Outside of work, Reynaldo enjoys lifting weights and literature, which he believes gives him a unique perspective into the world of crypto. As an aspiring trader, he is always looking for new opportunities to explore and believes that crypto holds the key to unlocking the future of finance.

Full Profile

Related Posts

Solana Solscan Etherscan

Solana price At Risk Of 10% Crash With Descending Broadening Wedge

1 day ago
Solana Alpenglow news

Solana Greenlights Alpenglow, Its Most Explosive Upgrade Yet

3 days ago
Galaxy Digital Deposits 500,000 Solana ($103M) To Coinbase In 5 Days – Details

Galaxy Digital Deposits 500,000 Solana ($103M) To Coinbase In 5 Days – Details

4 days ago
Solana news

Solana Set To Become The Most Decentralized Blockchain, Fund CEO Claims

5 days ago
Solana

Solana ETFs Are Following Hot On XRP’s Tail — Here Are The Latest Updates

5 days ago
solana-analyse-tendance-leviers-techniques

Solana en route vers les 300 $ : analyse de la tendance des leviers techniques

5 days ago
Please login to join discussion

Premium Sponsors

Press Releases

  • miner

    XRP price battles for key support levels, with holders...

    13 hours ago
  • miner

    Global Investors Tap BAY Miner App for BTC and XRP Monthly...

    13 hours ago
  • Cloud Mining

    From Holding to Profit: How XRP Earns $27,000 Daily from...

    17 hours ago
  • minwer

    XRP Holders Can Earn $10,000 a Day Through COME...

    2 days ago
  • BTC prices hit a two-week high, and holders flocked to GMO...

    2 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.