crypto.news
Helio updated its Solana Pay plugin for Shopify, allowing merchants to accept payments in hundreds of cryptocurrencies with real-time stablecoin conversions.
According to a press release sent to crypto.news, the enhanced plugin allows Shopify merchants to receive payments in various cryptocurrencies, with instant conversions settling transactions in stablecoins like USDC, EURC, PYUSD, and USDY.
Shopify merchants can now accept many more crypto payments and easily convert them to stablecoins or fiat. This update aims to set a new standard for e-commerce payments by making the payment experience easier and quicker.
The updated plugin enables customers to fund wallets with their own preferred crypto and offers merchants a better way to convert crypto earnings to fiat directly in their bank accounts.
Stijn Paumen, Co-Founder & CEO of Helio, stated, “Crypto holders represent a rapidly growing global consumer segment. Shopify merchants can now easily reach this audience by installing Solana Pay in a few simple clicks.”
Solana Pay first partnered with Shopify for businesses to access a faster, more efficient, and transparent payment mechanism via USDC.
What is Solana Pay?
Solana Pay is an open, free-to-use payment framework integrated into Shopify. It is built on Solana (SOL) and is managed by Helio. Solana Pay allows Shopify merchants to accept low-fee cryptocurrency payments.
In the first six months, the initial version of the plugin processed approximately $50 million in transactions for over 200 stores, including Solana Mobile, Hivemapper, and Bryan Johnston, saving merchants over $1 million in fees, per the press release.
Solana Pay provides stability and predictability by allowing instant conversions and settlements in stablecoins, taking away price volatility.
The new Solana Pay plugin will allow Shopify customers to fund their wallets with crypto using their preferred currency. It will also include a better off-ramp feature for merchants to convert crypto earnings to fiat directly in their bank accounts.
The update also adds advanced Web3 features like NFT airdrops, exclusive store access for NFT holders, and integration with wallets in Phantom and Coinbase.
“With Helio’s Solana Pay plugin for Shopify, we’re taking product preorders denominated in USDC and have saved more than $1 million in card processing fees so far – savings that can be reinvested back into the product development process,” said Steven Laver, Mobile Engineering Lead at Solana.
The improved plugin has a transaction fee of 0.75%. This fee supports ongoing innovation and helps manage operational costs, offering an alternative to traditional payment methods.