Solana Pay, the first decentralized payments platform, introduced a transaction requests feature for developers and merchants.
The transaction requests brings Solana transactions into the real world, enabling NFT minting, dynamic discounts, tokenized loyalty programs, and others. It can be done through an interactive request between a checkout app and a mobile wallet.
Solana Pay Brings Decentralized Payments into Real World
Solana in an official announcement on its website said it is bringing transaction requests for developers and merchants on the Solana Pay payment protocol. It allows users to mint NFTs as the demand for Solana-based NFT projects continues to rise. Moreover, it will bring discounts and loyalty programs to the payments platform.
Customers can execute Solana Pay transaction requests by scanning a merchant QR code, which makes the wallet send an HTTP request to the merchant API. Thereafter, the merchant makes a customized transaction for the customer after receiving the wallet address. The customer then approves the transaction by signing with their private key and sending the transaction to the network.
The transaction requests can bring use cases such as minting NFTs or loyalty tokens transfer. Moreover, it will enable refunds, chargebacks, insurance, buy-now-pay-later, discounts, rewards, and yield generation under DeFi transactions. It may also allow merchants and brands to send tokens, invitations, and gifts to customers.
The transaction requests are now live on Phantom and Solflare crypto wallets. Other wallets will soon support the new feature.
In order to promote blockchain-based payments and help customers make transaction requests, Solana Pay plans to demonstrate transaction requests live at the Atlas Cafe in San Francisco, California on May 5.
Solana Pay Reshapes Payments Space
Solana Pay had witnessed massive adoption by merchants and customers. Until now, the platform allowed one-way transfers of SOL, USDC, NFTs, and other tokens for developers and merchants. The new features bring more functionalities to the platform, which could lead to the dominance of Solana Pay.
Solana’s (SOL) price has jumped nearly 10% in the last 24 hours, with the current price trading at $92.67.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.