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February 13, 2022
Solana Pay is a new protocol facilitating instant payments between merchants and consumers in digital dollar currencies like USDC.
Solana Labs’ new product lets merchants accept crypto payments without a third-party payment processor. Solana Pay is a peer-to-peer solution, delivering payments from the consumer’s wallet directly to the merchant’s wallet. Due to the instant settlement it offers, the protocol is the digital equivalent of a cash payment.
The Solana blockchain supports 65,000 low-cost transactions per second. Solana Pay supports Solana’s native SOL token, as well as stablecoins, such as USDC. Solana sees instant payments in digital dollars as the main selling point of the new protocol.
Transactions settle in 400 milliseconds and cost about 0.00025 dollars each.
Solana Pay innovates by incorporating NFTs in its services. When buying a new shoe in a physical store, a Solana Pay user can get a corresponding NFT to use in the metaverse. Solana is already involved in NFT trading.
The protocol can expand NFT technology to receipts. In return for a payment, the merchant can credit the buyer’s wallet with an NFT receipt. The merchant can deliver rewards or offers through this communication channel, setting up an on-chain loyalty program.
Solana Pay’s selling points are interesting. For it to be practical, however, the Solana network cannot go offline for hours like it did last year.
Solana’s head of payments division, Sheraz Shere, says that developers are working on improving network stability.
Read more about buying cryptocurrency.