2024-02-16 12:39:37
Solana has reached a remarkable milestone: more than $45 million in sales through the Shopify platform. What’s even more shocking is that 51% of customers chose to pay using the USDC stablecoin, thus avoiding transaction fees.
51% of customers have transacted over $20 million in USDC through Solana Pay. This result highlights the growing consumer confidence and acceptance of cryptocurrency solutions in commerce.
$20 million in USDC payouts with no processing fees
Solana Mobile, the smartphone subsidiary of Solana Labs, is more processed more than $20 million in payments in alliance with Shopify and USDC stablecoin. Anatoly Yakovenko, co-founder of Solana Labs, said that a 51% of Chapter 2 payments were made in USDCand there was no payment processing fee associated with it.
???? BREAKING: Solana achieves $45M+ in @solanamobile sales on @Shopify.
A majority, 51%, of customers opted to use $USDC (totaling $20M) via @solanapaypowered by Helio. pic.twitter.com/WxK933gCVE
— SolanaFloor | Powered by Step Finance (@SolanaFloor) February 13, 2024
Solana Mobile, a subsidiary of Solana Labs, is responsible for a Chapter 2 upcoming Solana phone design and manufacture, received over $20 million in USDC payments without having to pay any processing fees during the pre-order process.
Anatoly Yakovenko, co-founder of Solana Labs, said that this was possible with the help of Shopify. The e-commerce platform offers various plugins to process cryptocurrency payments directly with Solana Pay. Yakovenko explained that although the In the case of Chapter 2, which recently reached 100,000 pre-ordersit is possible to pay by credit card, a 51% of buyers decided to pay with USDC stablecoin.
A revolution in crypto payments is underway
– He emphasized Yakovenko
Why do merchants hate credit card fees?
Credit card transactions are ubiquitous in the global payment ecosystem. While they facilitate payment and ensure wide acceptance, they entail significant cost burdens for merchants.
In the United States a credit card processing fees average between 1.5% and 3.5% per transaction. In the case of high-volume sales, as Solana’s founder pointed out, these fees can add up to significant amounts.
After comparing the processing costs of stablecoin and credit card payments of 49%, Yakovenko found that:
Credit card sales cost us over $600K in fees, about the same volume. This is equivalent to the salary of 3 full-time engineers.
Yakovenko is not the only one who a cryptocurrency for users and companies accepting payments presented it as an alternative to saving money. Coinbase concluded in a recent report that Americans could have saved at least $74 billionif cryptocurrency had been used as a means of payment in 2022 instead of credit cards.
During the same period, merchants paid $126 billion in fees for processing these credit card transactions, which would be negligible if using cryptocurrency. In addition, the use of credit cards has additional disadvantages for merchants. They have to wait up to 4 days for the money to be in their account, while the crypto can be available to them almost immediately.
A comparison of the costs of traditional credit card transactions and the potential savings of blockchain-based payments is a compelling argument for the adoption of cryptocurrency payment solutions. However, overcoming these barriers to adoption is essential if these technologies are to realize their full potential in e-commerce.
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