Solana Preparing to Be a PayPal Competitor

Solana Pay is a payment service that was introduced back in 2022. Today, it is poised to offer similar services to PayPal, especially since the company announced some changes last month.

Solana reported that they would be integrating with Shopify, which is an extremely popular internet commerce website. That would expand Solana Pay’s reach to a much wider, more global market, and it would put it at odds with eBay, which is PayPal’s proprietary shipping service.

It looks like Solana Pay is trying to go head to head with PayPal, setting itself up as a direct competitor and a strong alternative for those who want more options and who may be disappointed with the restrictions of eBay or with PayPal’s high fees.

Solana also has a market cap that is on par with the value of PayPal. As of this writing, PayPal is worth an incredible $75 billion, but Solana has a market cap of $68 billion. In more ways than one, Solana is a worthy competitor to the more well known PayPal service.

What Will Hold Solana Back?

The company would like to see Solana Pay accepted at many more merchants around the world, but they have a long way to go. Only 737 global merchants accept Solana Pay right now, which is a large step down from PayPal’s reach. It is estimated that PayPal is accepted by tens of thousands of merchants around the world. If Solana Pay is going to compete at the same level as PayPal and become a competitor in every way that matters, they will need to step it up in this area.

Solana as a crypto token is valued at $131 (SOL/USD) per coin right now, and the coin’s price is up 1.77% over the last week. That is much lower than its all-time high of $260, and Solana is at about half that value right now. It has potential to grow, and it could bring a lot of value to its investors if it can expand the reach of Solana Pay.