{"id":18712,"date":"2022-08-02T11:33:43","date_gmt":"2022-08-02T11:33:43","guid":{"rendered":"https:\/\/zebpay.com\/au\/?p=18712"},"modified":"2022-08-02T11:33:46","modified_gmt":"2022-08-02T11:33:46","slug":"all-about-solana-pay","status":"publish","type":"post","link":"https:\/\/zebpay.com\/au\/blog\/all-about-solana-pay","title":{"rendered":"Solana Pay: The What, Why and How"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_66_1 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/zebpay.com\/au\/blog\/all-about-solana-pay\/#What_is_Solana\" title=\"What is Solana?\">What is Solana?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/zebpay.com\/au\/blog\/all-about-solana-pay\/#How_does_Solana_Pay_work\" title=\"How does Solana Pay work?\">How does Solana Pay work?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/zebpay.com\/au\/blog\/all-about-solana-pay\/#Solana_Pay_for_Merchants\" title=\"Solana Pay for Merchants\">Solana Pay for Merchants<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/zebpay.com\/au\/blog\/all-about-solana-pay\/#Pros_of_Solana_Pay\" title=\"Pros of Solana Pay\">Pros of Solana Pay<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/zebpay.com\/au\/blog\/all-about-solana-pay\/#Cons_of_Solana_Pay\" title=\"Cons of Solana Pay\">Cons of Solana Pay<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/zebpay.com\/au\/blog\/all-about-solana-pay\/#The_Verdict\" title=\"The Verdict\">The Verdict<\/a><\/li><\/ul><\/nav><\/div>\n\n<p>Imagine walking into a store to buy the newest sneaker drop. You can pull out your phone, scan a QR code and buy it instantly. As you walk out of the shop, two tokens are added to your digital wallet. One is an NFT, exactly like the sneakers you just bought, usable in the game of your choice. The other is an NFT receipt, allowing entry into exclusive communities.<\/p>\n\n\n\n<p>This is what Solana Pay envisions as the future of payment processing. It blends digital payments and <a href=\"https:\/\/zebpay.com\/au\/blog\/the-ultimate-comparison-web-3-vs-web-2\" target=\"_blank\" rel=\"noreferrer noopener\">web 3.0<\/a> to create a seamless experience every time you shop. To understand how this works, we must first understand what Solana is.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_Solana\"><\/span>What is Solana?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Founded in 2017, Solana is a blockchain that makes transactions faster, simpler and more secure. It is also a platform for decentralised finance and smart contracts. In the last few years, the <a href=\"https:\/\/zebpay.com\/au\/blog\/how-does-solana-work\" target=\"_blank\" rel=\"noreferrer noopener\">Solana blockchain<\/a> has soared to become one of the most popular crypto platforms in the world.<\/p>\n\n\n\n<p>Solana was created by Anatoly Yakovenko. He believed that while older blockchains were working towards efficiency, something was holding them back. Transactions on blockchains like Bitcoin and Ethereum do not factor in time. This introduces another point of verification. It also creates complications where transactions are not processed based on the time they occurred.<\/p>\n\n\n\n<p>Yakovenko then came up with the unique consensus mechanism called Proof-of-History, which allowed for all transactions to match with a standardised clock. This timestamping made the blockchain over 10,000 times more efficient than old blockchains. As a result, Solana can process over 65,000 transactions each second. Fees to complete transactions are also minimal with Solana.<\/p>\n\n\n\n<p>Solana Pay is the next step in bringing the blockchain\u2019s capabilities to a larger audience.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_does_Solana_Pay_work\"><\/span>How does Solana Pay work?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Solana Pay is a digital payment platform built on the Solana blockchain. It allows businesses and customers to engage in seamless transactions that are instant and without fees. The platform also does not affect the environment because of its low energy usage, unlike Bitcoin.<\/p>\n\n\n\n<p>The network has an open software development kit, which enables new functionality and features over time. Developers can thus easily integrate their Solana DApps with Solana Pay and remove financial intermediaries. The platform also allows users to build on this base and propose changes by adding on their Github.<\/p>\n\n\n\n<p>Read more: <a href=\"https:\/\/zebpay.com\/au\/blog\/solana-is-making-their-way-into-mobiles\" target=\"_blank\" rel=\"noreferrer noopener\">Solana is making its way into mobile phones<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Solana_Pay_for_Merchants\"><\/span>Solana Pay for Merchants<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Merchants stand to benefit the most from Solana Pay. Unlike traditional payment methods, this platform does not charge fees on payments. There is no intermediary between the consumer and merchant, making it a peer-to-peer system.<\/p>\n\n\n\n<p>Solana Pay is easy to implement with your current business. All you need to do is create a Solana wallet, either individually or through a crypto exchange. Next, this must be linked with your website to accept payments in crypto. Finally, payment links can be converted into QR codes and you\u2019re ready to complete transactions with Solana Pay.<\/p>\n\n\n\n<p>The platform brings you several other advantages. Any payments made to you immediately start earning you interest with <a href=\"https:\/\/zebpay.com\/au\/blog\/an-introduction-to-defi\" target=\"_blank\" rel=\"noreferrer noopener\">DeFi<\/a>. Solana Pay does not allow chargebacks, reducing the chance of fraud. Finally, it creates a new avenue of communication with your customers. This makes it easier to create personalised offers, loyalty programs and digital goods that accompany physical purchases.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Pros_of_Solana_Pay\"><\/span>Pros of Solana Pay<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Solana is a newer blockchain that focuses on efficiency. Its unique implementation allows it to perform much faster than popular alternatives. For example, Bitcoin supports an average of 7 transactions per second, while Ethereum has seen a maximum of 108. Solana\u2019s 65,000 transactions per second leave them far behind.<\/p>\n\n\n\n<p>Solana Pay also removes intermediaries like banks or Visa and Mastercard from the transaction. The only ones involved in the transaction are the merchant and the customer. This makes the process simpler and cheaper, as there are no fees attached to the transaction.<\/p>\n\n\n\n<p>The platform also provides detailed information about each transaction. These include the destination wallet, currency, transaction amount and purpose of the payment. These details are private and cannot be seen by anyone else on the network.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Cons_of_Solana_Pay\"><\/span>Cons of Solana Pay<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>While Solana may be more efficient, it is dwarfed in popularity by Bitcoin and Ethereum. Solana thus has a relatively lower user base who will be willing to adopt the new platform. This involves shifting their assets and wallets from the other chains to Solana, which may discourage some users.<\/p>\n\n\n\n<p>Solana Pay is also a new platform, which may cause early adopters to suffer. Any bugs or vulnerability to hacks will leave merchants exposed. It may take time until merchants and developers are more comfortable with Solana Pay before the network can be considered foolproof.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_Verdict\"><\/span>The Verdict<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Solana Pay isn\u2019t just a way to pay with crypto. It allows merchants and customers to come together for an entirely new payment experience. With its fast network, it seems to be a better alternative than older blockchains. Added to this are the benefits that decentralisation provides. The reliability of the platform is a pressing concern. However, it can only be solved with time and higher adoption of Solana Pay.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Imagine walking into a store to buy the newest sneaker drop. You can pull out your phone, scan a QR code and buy it instantly. As you walk out of the shop, two tokens are added to your digital wallet. One is an NFT, exactly like the sneakers you just bought, usable in the game [&hellip;]<\/p>\n","protected":false},"author":23,"featured_media":18720,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[14],"tags":[],"class_list":["post-18712","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto"],"acf":[],"_links":{"self":[{"href":"https:\/\/zebpay.com\/au\/wp-json\/wp\/v2\/posts\/18712","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/zebpay.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/zebpay.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/zebpay.com\/au\/wp-json\/wp\/v2\/users\/23"}],"replies":[{"embeddable":true,"href":"https:\/\/zebpay.com\/au\/wp-json\/wp\/v2\/comments?post=18712"}],"version-history":[{"count":1,"href":"https:\/\/zebpay.com\/au\/wp-json\/wp\/v2\/posts\/18712\/revisions"}],"predecessor-version":[{"id":18713,"href":"https:\/\/zebpay.com\/au\/wp-json\/wp\/v2\/posts\/18712\/revisions\/18713"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/zebpay.com\/au\/wp-json\/wp\/v2\/media\/18720"}],"wp:attachment":[{"href":"https:\/\/zebpay.com\/au\/wp-json\/wp\/v2\/media?parent=18712"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/zebpay.com\/au\/wp-json\/wp\/v2\/categories?post=18712"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/zebpay.com\/au\/wp-json\/wp\/v2\/tags?post=18712"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}