Shopify will now integrate Solana Pay as its latest Web3-native payment solution that will give merchants real-time access to their funds while improving their digital store’s capital, liquidity, and liability protection — without a middleman or intermediary.
Solana Pay is the brainchild of San Francisco-based technology company Solana Labs built on its decentralized Solana network.
Known for its fast transaction speeds (no waiting for clearinghouses), near-zero fees, and sustainability, Solana Pay has become an industry-preferred tool to help companies like Shopify scale their businesses to integrate Web3-native payment solutions to create a provide better user experience for those who actively use digital currencies.
It currently serves the MonkeDAO, MadLads, Helius, and Solana merchandise store.
What this means for Shopify
For Shopify users and merchants, Solana Pay not only eliminates bank fees, chargebacks, and holding times, but also enables instant, direct payment settlement of USD stablecoins (pegged to our US dollar and unaffected by market fluctuations).
The Shopify platform powers millions of businesses in over 75 countries and maintains the trust of countless leading brands, including but not limited to Mattel, Gymshark, Heinz, Netflix, Supreme, and much more. It provides essential internet infrastructures for commerce with integrated tools that enable users to have a better shopping experience quickly and reliably, while empowering merchants to start, scale, market and run a retail business of any size .
Through Solana’s decentralized platform, Shopify will open a new commerce avenue that allows users and merchants to seamlessly leverage a Web3-native payment solution to continue to drive revenue streams and long-term innovative growth that doesn’t “be left behind.”
Merchants who want to start implementing Solana Pay in their digital Shopify store can visit the Solana Pay website.
Earlier this month, PayPal launched its new US dollar-backed stablecoin – PayPal USD – marking the first time a major US financial company has created a stablecoin. The Ethereum-based stablecoin issued by Paxos Trust Co. has already started rolling out to PayPal customers.
Shopify Plus merchants are about to lose access to Success Managers
In other news, INSIDER reported on Tuesday that Shopify expects to withdraw access to its Merchant Success Managers (employees), which will affect approximately 16,000 Shopify Plus Merchants.
Shopify Plus, the company’s larger platform for its more established brands, offers merchants additional features, including tax services and B2B and wholesale tools. The success managers consult with Plus sellers as they launch and run their respective digital stores.
According to an internal company email that INSIDER reviewed, Plus merchants must now use Shopify’s “Help Center” to get in touch with support staff. Shopify said this isn’t designed to take away from the Plus merchant experience, but instead to “transform.” [it] to make it more efficient and effective and provide a better shopping experience.”