Solana has launched a Solana Pay service as it tries to compete with the big boys in the realm of payment apps, but is the network up to the task?
On Feb. 1, Solana Labs announced the launch of Solana Pay in a joint collaboration Circle, Checkout.com, Citcon, Phantom, FTX, and Slope.stated that the premise behind the new service is that the actual payment and its underlying technology “goes from being a necessary service utility to true peer-to-peer communication channel between the merchant and consumer.”
The next phase of its development will enable the merchants to send crypto assets back to the consumers, “which will open up new capabilities in commerce not possible before,” according to Sheraz Shere, head of payments for Solana Labs.ADVERTISEMENTSolana Pay is entering a crowded ecosystem of existing payments apps where tech giants Apple and Google currently dominate.
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