Technology

Solana Labs launches Solana Pay, a payments protocol for digital commerce

Solana Labs has launched a payments protocol called Solana Pay to let merchants accept crypto payments directly from consumers. With Solana Pay, merchants can accept the USDC stablecoin, Solana’s native token SOL, and other Solana-based tokens on the Solana blockchain. Transactions will be instant, said Solana Labs, adding that merchants will receive “real-time” payments. They will also incur lower costs due to Solana’s lower fees, according to Solana Labs. “Merchants and consumers want a frictionless experience without taking on unnecessary volatility risk, and consumers don’t necessarily want to transact with their investments,” Sheraz Shere, head of payments at Solana Labs, told The Block.

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