- Crypto payments platform Helio reveals a major update to its Solana Pay plugin for Shopify, enabling countless Shopify merchants to accept payments in hundreds of cryptocurrencies.
- The enhanced plugin offers broader token support, improved loyalty programs, and seamless integration, boosting the functionality of the Solana-based payment service.
- Helio CEO and co-founder Stijn Paumen emphasizes Solana Pay’s capability for super-fast payments secured by blockchain technology, settling transactions directly between merchants and buyers without intermediaries.
Uncover the latest updates in crypto payments as Helio revamps its Solana Pay plugin for Shopify, promising a revolutionary shift in e-commerce transaction processes.
Solana Pay Upgrade Ushers in New Era for Crypto Payments on Shopify
Helio has rolled out a significant update to its Solana Pay plugin for Shopify, making it possible for millions of Shopify merchants to handle transactions in hundreds of different cryptocurrencies. This update not only supports more tokens but also facilitates improved loyalty programs and seamless integration, vastly enhancing the Solana-based payment service’s capabilities.
Impact on E-commerce: Faster, Cheaper, and More Transparent Payments
Stijn Paumen, CEO and co-founder of Helio, highlighted in an interview that Solana Pay’s core strength lies in its lightning-fast payments secured by blockchain technology. These transactions are settled directly between the merchant and the buyer, meaning that funds are never held by Helio or any third party. This direct settlement eliminates traditional payment intermediaries such as banks and card issuers, addressing long-standing e-commerce issues like high fees, chargebacks, and sluggish payouts.
Initial Success and Future Prospects
Since its launch last year, Solana Pay has enabled Shopify merchants to process approximately $50 million in cryptocurrency transactions within its first six months, saving merchants over $1 million in fees. Paumen optimistically projects that if 10% of e-commerce payments migrate to the blockchain over the next decade, it could save $500 billion in costs for the over 25 million online retailers.
Advanced Features and Market Response
The upgraded plugin introduces advanced Web3 functionalities, including NFT airdrops and token-gated features limited to NFT holders. Such features have received highly positive feedback, with early adopters like Helium Mobile and the move-to-earn game Stepn leveraging these enhancements. Helium Mobile’s COO, Frank Mong, stated that this update marks a significant step toward making digital assets more accessible to everyday users.
Reducing Volatility and Transaction Costs
To encourage wider adoption among Shopify merchants, the plugin now includes automatic conversions to stablecoins like USDC. This feature eliminates the volatility risk typically related to cryptocurrencies like Bitcoin or Ethereum. Merchants can receive digital dollars, which can be automatically converted to fiat currency and transferred to their bank accounts. Additionally, the transaction fee is set at 0.75%, much lower than traditional payment methods.
Future Developments: Cross-Chain Payments
Looking ahead, Helio plans to introduce cross-chain payments that will allow customers to pay with various cryptocurrencies, including Bitcoin and Ethereum, while merchants still settle on Solana. This new feature aims to offer more flexibility, catering to both customer preferences and merchant needs.
Conclusion
In summary, Helio’s updated Solana Pay plugin for Shopify represents a monumental leap forward in the world of crypto payments, promising faster transactions, lower fees, and enhanced features. As e-commerce continues to embrace blockchain technology, merchants and consumers alike stand to benefit from these innovative advancements. Stay tuned as Helio continues to elevate the crypto payment landscape with forthcoming features like cross-chain payments.
