Solana Pay is expected to usher in a “new era of payments and commerce,” according to Solana’s own statements. The official Solana website announced this.
According to the statement, the protocol is intended to be a “true peer-to-peer payment protocol” that envisions digital currencies moving widely across the Internet in the future without having to go through intermediaries and doing so at the lowest possible cost.
“The core premise behind Solana Pay is that the payment and underlying technology goes from being a necessary service utility to true peer-to-peer communication channel between the merchant and consumer.”
In addition, the protocol is said to include a feature that allows end-users to transfer digital dollar currencies from their own purses directly to the seller’s account.
The protocol should also enable the seller to send digital valuables back to the customer. This is expected to be an important building block to intensify the relationship between seller and customer. With these capabilities, sellers can develop directly tailored offers or loyalty programs for the respective customers and thus virtually reward the physical purchase. This could in turn bind customers to the merchant, which can promote long-term loyalty.
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