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.
The protocol provides a specification that allows the consumer to send digital dollar currencies, such as USDC, from their wallet directly into the merchant’s account, settling immediately with costs measured in fractions of a penny. This embeds loyalty, offers and rewards in the same messaging scheme and become true building blocks for the future of commerce.
Merchants have long sought an opportunity to leverage deep engagement with their customers, but multiple intermediaries involved in e-commerce or brick-and-mortar transactions makes that difficult. The next phase of development of the protocol will enable merchants to send digital assets back to the consumers which will open up new capabilities in commerce not possible before.