Shopify merchants can now accept payments in hundreds of cryptocurrencies, with an upgraded Solana (CRYPTO: SOL) Pay plugin.
What Happened: The update, launched by Web3 payments provider Helio, aims to integrate crypto payments into Shopify's merchant network, enhancing the overall payment experience and customer loyalty programs.
The new Solana Pay plugin allows merchants to accept low-fee cryptocurrency payments, with real-time conversions settling in stablecoins such as USDC (CRYPTO: USDC), EURC, PYUSD (CRYPTO: PYUSD) and USDY.
This feature ensures stability and predictability by avoiding the price volatility commonly associated with digital assets.
In its initial six months, the plugin processed approximately $50 million in transactions for over 200 stores, saving merchants over $1 million in fees.
Notable brands like Solana Mobile, Hivemapper and Bryan Johnston were among the early adopters.
The upgrade promises even more benefits, including instant payouts, the elimination of chargebacks, and a broader range of payment options for customers.
Stijn Paumen, Co-Founder and CEO of Helio, highlighted the growing segment of crypto holders, which now includes over 100 million active wallets globally.
"Solana, with its low fees and fast transactions, is ideal for consumer payments. Shopify merchants can now easily reach this audience by installing Solana Pay in a few simple clicks," Paumen stated.
The upgraded plugin also features an on-ramp via the Helio dashboard, allowing customers to fund their wallets with crypto using their preferred currency.
For merchants, the plugin provides an auto-off ramp feature, enabling instant conversion of crypto earnings to bank accounts. This seamless integration is designed to cater to both crypto-savvy users and those new to digital assets.
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Moreover, the plugin introduces advanced Web3 functionalities such as NFT airdrops, gated store access for NFT holders and Discord memberships linked to sales.
These features are intended to enhance customer engagement and loyalty by fostering a sense of community and exclusivity.
Brands like Helium Mobile and FSL have already leveraged the upgraded plugin to enable their own tokens, allowing customers to use tokens earned through product engagement for purchases on their Shopify stores.
Frank Mong, COO of Helium Mobile, emphasized the plugin's role in making digital asset engagement more accessible for everyday users.
Steven Laver, Engineering Lead at Solana Labs, also noted the benefits, stating that the plugin has saved Solana Mobile over $1 million in card processing fees, with more than half of the checkout sessions for their Chapter 2 product originating from mobile devices.
As the Web3 payments industry continues to grow, driven by increased consumer adoption of wallets and stablecoins, the Helio Solana Pay plugin positions Shopify merchants to capitalize on this trend.
This development is particularly timely given the gradually improving regulatory landscape for digital assets.
What's Next: For those interested in exploring the future of digital assets and the evolving landscape of crypto payments, Benzinga's Future of Digital Assets event on Nov. 19 will provide valuable insights and discussions on these topics.
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