TL;DR
Solana Pay permits retailers to just accept stablecoin funds in USDC, for a flat price of $0.00025.
Not solely is Solana Pay quicker, however – GET THIS – it’s additionally 46,200x cheaper when processing a $1000 buy.
Crypto funds, like USDC by way of Solana Pay, make it potential for giant identify retailers like Amazon to save lots of billions per 12 months in charges.
Full Story
Altering the pace and value of a services or products can have an enormous impression on an trade – or hell, the world!
Simply have a look at the transition we’ve all made prior to now 30-odd years, as we moved from paper mail (gradual and expensive) to e mail (free and immediate).
…okay, what does this should do with crypto?
Solana Pay is coming to Shopify and permitting hundreds of thousands of companies to make use of crypto as a cost technique.
Which is a approach larger deal than it might first seem!
(This may very well be the ‘e mail second’ for on-line funds)
Right here’s why:
Solana Pay permits retailers to just accept stablecoin funds in USDC, for a flat price of $0.00025.
Okay, so retailers save a number of cents in charges? Boooring!
True…funds are a sleep fest at first look, however test this out…
Let’s evaluate every system on a per-transaction foundation, utilizing the bottom card charges accessible:
Mastercard Charge: 1.15% + $0.05 fee (some go as excessive as 3.5% + $0.30) Pace: 3 enterprise days earlier than it’s in your account.
Vs.
Solana Pay Charge: $0.00025 Pace: a number of seconds earlier than it’s in your account.
This is what that appears like IRL:
$10 transaction Card (1.15% + $0.05) = $0.165 price Solana Pay (+ $0.00025) = $0.00025 price
$100 transaction Card (1.15% + $0.05) = $1.20 price Solana Pay (+ $0.00025) = $0.00025 price
$1000 transaction Card (1.15% + $0.05) = $11.55 price Solana Pay (+ $0.00025) = $0.00025 price
So not solely is Solana Pay quicker, however – GET THIS – it’s additionally 46,200x cheaper when processing a $1000 buy.
And for this reason crypto cost integrations will lengthen far past Shopify retailers, in time.
For instance:
Amazon made ~$514B in 2022, which suggests in the event that they have been paying the 1.5% trade common for card charges, they’d have needed to have forked out $7.71B between Mastercard and Visa.
Crypto funds, like USDC by way of Solana Pay, make it potential for giant identify retailers like Amazon to save lots of billions per 12 months in charges.
…Visa and Mastercard higher watch their backs (see gif ☝️).
