Solana Pay in Exodus
Everything you need to know about Solana Pay on Exodus Mobile!
In this article:
- What is Solana Pay?
- Why should I use Solana Pay?
- How does Solana Pay differ from a centralized entity like Venmo or Cash App?
- How do I use Solana Pay?
What is Solana Pay?
Solana Pay is a decentralized payment system built on the Solana network. Payments are made directly from customers to merchants with no intermediaries.
Solana Pay offers fast transactions and low transaction fees. Solana transactions use about the same energy as two Google searches, and the Solana network is carbon neutral.
Customers can send payments on Solana Pay from Exodus Mobile.
Why should I use Solana Pay?
Payments on Solana Pay are fast and have low transaction fees. Sending a Solana Pay transaction from Exodus costs 0.000005 SOL, which is less than a penny.
With Solana Pay, you can use any token that runs on the Solana network, including stablecoins like USDC.
USDC is a fully collateralized stablecoin, meaning that for every 1 USDC, there’s 1 US dollar backing it. So the value of 1 USDC is always 1 USD.
How does Solana Pay differ from a centralized entity like Venmo or Cash App?
You don’t need ID or a bank account to use Solana Pay, and since there are no intermediaries holding funds on your behalf, your assets can't be frozen or lost.
Exodus is a self-custodial wallet, so your assets are always under your control.
How do I use Solana Pay?
As a customer, all you need to do is open your wallet and scan a QR code. Once you scan, a pop-up window in your wallet will show you the transaction amount and the recipient's address.
- Open Exodus Mobile, a) tap the Wallet icon, then b) tap on Solana.
- Tap the Settings icon.
- Tap on Solana Pay.
- Scan the merchant's QR code.
- a) Choose the amount you wish to send, and b) tap Enter.
- Slide the Slide to Pay arrow to the right to initiate the transaction.
- Slide the Slide to Confirm checkmark to the right to confirm the transaction details.
- And that's it! Your transaction has been sent.