Monday, October 2, 2023

The new blockchain payment giant


  • Visa highlights Solana as a strong competitor to Ethereum in transactions.
  • Solana offers low and predictable transfer fees, outperforming Bitcoin and Ethereum.
  • Visa is expanding its settlement program to include stablecoins and integrating Solana to assess its payment efficiency.

Credit card giant Visa has set its sights on a strong Ethereum (ETH) competitor: Solana (SOL). In a statement on its corporate blog, Visa emphasizes that this smart contract platform has technical characteristics that differentiate it from other blockchains in the transaction space.

One of the most striking features of Solana, Visa cites its transfer rates, which are not only economical (typically below 0.001) but also predictable. This cost predictability makes Solana a great option for achieving efficiencies and streamlining current payment processes.

Comparatively, Visa is not afraid to point out that Solana even outperforms crypto heavyweights like Bitcoin (BTC) and Ethereum in certain scenarios. You explain:

“Unlike Bitcoin and Ethereum, whose fees can vary abruptly depending on network demand, Solana stands out because costs remain constant. “This rate stability simplifies management for payment companies and ensures a more consistent user experience.”

Additionally, Visa announced an expansion of its stablecoin settlement program to include Solana to assess its potential to meet the current financial needs of businesses.

Visa concludes its statement by highlighting the benefits of Solana:

“With its high performance thanks to parallel processing and its affordable cost structure, Solana is becoming a scalable blockchain solution with clear added value in the payments space. These strengths motivated us to test transactions on the Solana network in our stablecoin settlement pilot.”

Nation World News Desk
Nation World News Desk
Nation World News is the fastest emerging news website covering all the latest news, world’s top stories, science news entertainment sports cricket’s latest discoveries, new technology gadgets, politics news, and more.
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