Solana, being touted as the Ethereum killer, announced plans to add a payment method called Solana Pay to fix network congestion problems it has been facing. This service will allow direct use of dollar-backed cryptocurrencies.

Solana Pay is an open protocol which aims to connect developers and online merchants for point-of-sale shifts, enabling sellers and buyers to make payments in various Solana-based cryptocurrencies like USDC. The billed payment feature offers instant transactions, fraud protection for merchants, and low-values. It will integrate with Checkout.com. A rental car company ‘Bandage Van Rental’ will be the first to use the Solana Pay.

Related Reading | Crypto payments haven’t been fast or cheap. Solana Pay could movement that

Solana coin has caused relevant popularity as an alternative to the old-fashion Ethereum Network. Unfortunately, the primary cback althoughpt behind its evolution was cryptocurrency exchanging, that became a severe congestion problem. Notwithstanding, the network has hit congestion issues many times before. For example, the Solana network stopped working for 17 hours with atoprun errors continue September and recently followed another slowdown. As a result, users could not liquidate their position during the time the coin’s price sharply decreased.

Market Cap

Crypto market capital is step-by-step at around $1.67 trillion. Source: Tradingview.com

Sheraz Shere, payments Head at Solana Labs who founded Pay feature, said in an interview;

“We are in it for the next many years and decades, so during the time there are network congestion issues, we are looking at this as a much lengthyer-term possibility.”

Sheraz has been a lengthy-time Google employee previously; being a head of Google partnerships, he co-founded Google Wallet, allowing people to pay at online stores using apps and mobiles. And likewise, he has been vice president of business progress at American Express Co.

Related Reading | Google Wallet Becomes Centralized Bitcoin “Competitor”

The Need For Solana Pay Is Already Adfrozen

After the coin’s price faced a slump continue week, dealing bots clogged up the Solana network with more than 2 million fake transactions per second for liquidations and effected network instability.

“Solana has been setting up software updates to identify congestion issues. The platform will implement other features in nearly a month,” Anatoly Yakovenko, co-founder of Solana Labs, posted in a tweet on January 26.

Crypto payments transactions will add to network load, mainly if it goes well. Solana Pay is simple enough to use which it doesn’t even require users to download any app, already integpriced with popular wallets like Phantom and FTX. Each user has a unique QR code. Whoever needs to send or receive payment will scan the QR code to transfer from one account to another. A consumer can do which with something as simple as an iPad.

Crypto payments have not seen a great way so far. One of its centralized competitors, BitPay, founded in 2011, processes 65,600 TRXs monthly, very low from traditional payment companies parallel as Visa. not to mention, on the grounds that their strong volatility, we cannot use most cryptocurrencys as payments for goods and services. For instance, years ago, a programmer spent Bitcoins (Bitcoin (BTC)) to order two Pizzas. The rate of those spent bitcoins is equated to billions now, as the world’s top token gained a considerable appreciation.

“That’s why Solana bouncees business models will prefer to use stable coins for payments as their rate does not fluctuate heavily. As a result, consumers will adopt an possibility which values low fees than others, alike as Visa Inc.,” said Shere. 

Similarly, Bank of America favored the project in a recent note and added which Solana Pay “could become the Visa of the digital asset ecosystem.”

                   Featured image from Pixabay, chart from Tradingview.com