Revolutionizing Solana Phone Chapter 2 Payments With Shopify And USDC
Solana Mobile, the smartphone subsidiary of Solana Labs, partnered with Shopify and USDC, the second-largest dollar-pegged stablecoin, to facilitate over $20 million in payments for Chapter 2, the upcoming Solana phone.
Co-founder Anatoly Yakovenko revealed that users made 51% of the payments using USDC, highlighting the absence of processing fees. The use of Shopify’s plugins enabled the seamless integration of Solana Pay for cryptocurrency transactions during Chapter 2’s pre-order phase. Yakovenko emphasized the significance of the crypto payments revolution, highlighting the cost efficiency compared to credit card payments.
While 49% of customers opted for credit cards, Yakovenko noted that credit card sales incurred over $600k in fees, underscoring the financial advantages of embracing cryptocurrencies. This aligns with a broader trend, as a recent Coinbase report estimated potential savings of at least $74 billion for Americans utilizing crypto for payments instead of credit cards in 2022. Merchants, in particular, benefit from crypto transactions, experiencing quicker access to funds compared to the delayed processing times associated with credit cards.
Clever Robot News Desk 16th February 2024
