TL; DR
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Solana Pay allows merchants to accept stablecoin payments in USDC for a flat fee of $0.00025.
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Not only is Solana Pay faster, but – GET THIS – it’s also 46,200x cheaper when processing a $1000 purchase.
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Crypto payments, such as USDC through Solana Pay, make it possible for major merchants like Amazon to save billions per year in fees.
Full story
Changing the speed and cost of a product or service can have a huge impact on an industry – or the whole world!
Just look at the transition we’ve all made over the past thirty years, moving from paper mail (slow and costly) to email (free and instant).
…ok, what does this have to do with crypto?
Solana Pay comes to Shopify and enables millions of businesses to use crypto as a payment method.
What is one way A bigger deal than it first appears!
(This can be the ’email moment’ for online payments)
This is why:
Solana Pay allows merchants to accept stablecoin payments in USDC for a flat fee of $0.00025.
Okay, so sellers save a few cents on costs? Drilling!
It’s true…payments are a slumber party at first glance, but look here…
Let’s compare each system per transaction, using the lowest available card costs:
Mastercard rate: 1.15% + $0.05 rate (some even go as high as 3.5% + $0.30) Speed: 3 business days before it reaches your account.
vs
Solana Pay Rate: $0.00025 Speed: A few seconds before it is in your account.
Here’s what it looks like IRL:
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$10 transaction card (1.15% + $0.05) = $0.165 fee Solana Pay (+$0.00025) = $0.00025 fee
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$100 transaction card (1.15% + $0.05) = $1.20 fee Solana Pay (+$0.00025) = $0.00025 fee
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$1000 transaction card (1.15% + $0.05) = $11.55 Solana Pay fee (+$0.00025) = $0.00025 fee
So not only is Solana Pay faster, but – GET THIS – it’s also 46,200x cheaper when processing a $1000 purchase.
And this is why crypto payment integrations will eventually extend far beyond Shopify merchants.
For example:
Amazon made ~$514 billion in 2022, which means if they had paid the industry average of 1.5% in card fees, they would have had to split $7.71 billion between Mastercard and Visa.
Crypto payments, such as USDC through Solana Pay, make it possible for major merchants like Amazon to save billions per year in fees.
…Visa and Mastercard better be wary (see gif ☝️).