Solana Pay Adds Customized Transaction Requests for Merchants

Pay previously allowed only one-way transfers of Solana-supported assets between users.

May 5, 2022 at 9:11 a.m. UTC
Updated May 5, 2022 at 2:34 p.m. UTC

Shaurya is an analyst/editor for CoinDesk's markets team in Asia.

Solana Pay will facilitate transaction requests between merchants and users with a feature that went live on the platform this week, according to a post by Solana developers.

  • Developers added the transaction request feature to allow merchants to provide customized transaction links to users, such as unique non-fungible tokens (NFTs) or virtual gifts.
  • The merchant receives the wallet address in the request and can respond with a customized transaction for the customer. This means any Solana transaction would allow interactive requests between a checkout app and a mobile wallet.
  • “Merchants and brands can create dynamic experiences that send tokens, invitations and gifts to customers,” the post reads. They could range from the minting of unique NFTs, customized discounts and tokenized loyalty programs.
  • Merchants can decline to respond to a transaction request, which could be used to allow permissioned payments, such as in cases where authentication is required.
  • The Pay product previously allowed only one-way transfers between users, such as those of Solana’s SOL, USD Coin (USDC), NFTs and other supported tokens.
  • Solana wallets Phantom and Solflare support the new feature, developers said.
  • SOL's price jumped 9% in the past 24 hours, CoinGecko data shows. The tokens outperformed the market as bitcoin and ether rose 5% on average.
The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Shaurya is an analyst/editor for CoinDesk's markets team in Asia.

Shaurya is an analyst/editor for CoinDesk's markets team in Asia.

Trending

1
Brian Forde: Why Congress Needs a Crypto 'Truth Teller'

He explained Bitcoin to Barack Obama and ran one of the first election campaigns emphasizing crypto. He says Congress needs more people who understand science and technology.

He explained Bitcoin to Barack Obama and ran one of the first election campaigns emphasizing crypto. He says Congress needs more people who understand science and technology.

2
US Agencies Warn of Attempts by North Koreans to Get IT Jobs While Concealing Nationality

In many cases, these workers say they are U.S.-based and not North Korean teleworkers, and they often take on virtual currency projects.

In many cases, these workers say they are U.S.-based and not North Korean teleworkers, and they often take on virtual currency projects.

3
Oasis Pro Raises $27M for Crypto Securities Trading Platform

CEO Pat LaVecchia, a former MakerDAO compliance adviser, said Oasis Pro is in the “early stages” of integrating with DeFi platforms.

CEO Pat LaVecchia, a former MakerDAO compliance adviser, said Oasis Pro is in the “early stages” of integrating with DeFi platforms.

4
UST Won't Be the End of Algorithmic Stablecoins

The trail for a monetary "Holy Grail" continues, despite Terra’s collapse. So what do we do about it?

The trail for a monetary "Holy Grail" continues, despite Terra’s collapse. So what do we do about it?