The Benefits of Solana Pay Of course, Bitcoin (BTC ticks down to $19,285), Ethereum, and other cryptocurrencies claim to provide a cryptocurrency payment that is almost instantaneous.

However, these networks, particularly Ethereum, are expensive and do not work as quickly as they claim. On the other hand, Ethereum, on the other hand, has an average of thirteen transactions per second, while Bitcoin has an average of seven. Ethereum and Bitcoin are also bad for the environment. Businesses and customers are drawn to the faster and less expensive Solana network. Solana Pay allows users to pay in real time in SOL or any other Solana token supported by the service, such as USD Coin (USDC tickers down $1.00). Additionally, chargebacks are out of the question with Solana Pay, eliminating a costly problem that traditional retailers frequently face. Solana Pay's detailed reports on every transaction, including the wallet destination, currency type, amount, and text fields for the merchant to describe the transaction, are also ideal for businesses. Both the merchant and the customer are able to conduct business without being observed because these details are kept completely secret from the rest of the network. In his blog post announcing Solana Pay, Sheraz Shere, head of payments at Solana Labs, states that the Solana team wants the world to see Solana Pay as more than just letting users "pay with crypto." Shere, on the other hand, describes Solana Pay as a platform on which "all currencies are on-chain and used for a wide range of transactions."