The first decentralized payments network, Solana Pay, has developed a transaction requests tool for developers and merchants.
Transaction requests integrate Solana transactions into the real world, allowing for NFT minting, dynamic discounts, tokenized loyalty programs, and other features. It is possible to accomplish this through an interactive request between a checkout app and a mobile wallet.
Solana Pay Introduces Decentralized Payments to the Real World
Solana announced on its website that it is now accepting transaction requests for developers and merchants using the Solana Pay payment protocol. As the demand for Solana-based NFT projects grows, it enables users to mint NFTs. It will also include discounts and loyalty programs to the payments platform.
Customers can initiate Solana Pay transactions by scanning a merchant QR code, which causes the wallet to send an HTTP request to the merchant API. Following receipt of the wallet address, the merchant executes a customized transaction for the consumer. The customer then confirms the transaction by signing it with their private key and submitting it to the network.
Transaction requests may include use cases such as the minting of NFTs or the transfer of loyalty tokens. Furthermore, refunds, chargebacks, insurance, buy-now-pay-later, discounts, awards, and yield creation will be possible with DeFi transactions. It may also enable retailers and brands to offer customers tokens, invitations, and presents.
The transaction requests are now available on the Phantom and Solflare cryptocurrency wallets. Other wallets will soon be able to use the new feature.
Solana Pay intends to demonstrate transaction requests live at the Atlas Cafe in San Francisco, California on May 5 in order to promote blockchain-based payments and assist clients in making transaction requests.
Solana Pay Transforms the Payments Industry
Solana Pay had seen widespread uptake among retailers and customers. Until now, the platform only enabled developers and merchants to send SOL, USDC, NFTs, and other tokens one way. The additional capabilities add more functionality to the platform, which could contribute to Solana Pay’s supremacy.