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TL;DR
Solana Pay permits retailers to just accept stablecoin funds in USDC, for a flat charge 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 doable for large identify retailers like Amazon to save lots of billions per 12 months in charges.
Full Story
Altering the velocity and value of a services or products can have an enormous influence on an business – or hell, the world!
Simply have a look at the transition we’ve all made previously 30-odd years, as we moved from paper mail (sluggish and dear) to electronic mail (free and instantaneous).
…okay, what does this need to do with crypto?
Solana Pay is coming to Shopify and permitting tens of millions of companies to make use of crypto as a fee technique.
Which is a method larger deal than it might first seem!
(This may very well be the ‘electronic mail second’ for on-line funds)
Right here’s why:
Solana Pay permits retailers to just accept stablecoin funds in USDC, for a flat charge 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 examine every system on a per-transaction foundation, utilizing the bottom card charges obtainable:
Mastercard Fee: 1.15% + $0.05 fee (some go as excessive as 3.5% + $0.30) Velocity: 3 enterprise days earlier than it’s in your account.
Vs.
Solana Pay Fee: $0.00025 Velocity: a number of seconds earlier than it’s in your account.
Here is what that appears like IRL:
$10 transaction Card (1.15% + $0.05) = $0.165 charge Solana Pay (+ $0.00025) = $0.00025 charge
$100 transaction Card (1.15% + $0.05) = $1.20 charge Solana Pay (+ $0.00025) = $0.00025 charge
$1000 transaction Card (1.15% + $0.05) = $11.55 charge Solana Pay (+ $0.00025) = $0.00025 charge
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 fee 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% business 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 doable for large identify retailers like Amazon to save lots of billions per 12 months in charges.
…Visa and Mastercard higher watch their backs (see gif ☝️).
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