The world is changing with each passing day, and so is the crypto space. With so many decentralized products making headlines, there is an Indian start-up that aims to bring a new mode of payment for online shopping nerds.
StellarSOL is a platform that lets you make payments on some of the most popular shopping brands with Solana tokens. Yes, you can definitely use it in India as well.
This review will try to decode this revolutionary platform and analyze whether it is useful for us or not.
What Is StellarSOL?
StellarSOL is a Chrome extension that lets you make payments through your Solana tokens. All you have to do is scan Solana Pay’s QR code generated by the StellarSOL extension and make the payment through either Phantom or Glow Wallet on your mobile.
You can enjoy using the services of StellarSOL in four countries as of now. These include India, Singapore, the USA, and Dubai.
StellarSOL is still under development and soon plans to launch its services to the users.
Features Of StellarSOL
Although there are very limited features of Stellar that are revealed to the public, I will try to decipher them to my extent. So, let’s get straight into it.
1. Making payments Through Crypto
The most revolutionary feature of StellarSOL is its acceptance of Solana tokens as a payment method. With this, it becomes one of the first Indian companies to let users make payments through a cryptocurrency.
2. Available On Various Platforms
No, this platform is not limited to a handful of apps only. StellarSOL aims to bring a revolution in the payment industry and to do that, it has tied up with almost all the major E-commerce players in India.
Using StellarSOL, you can complete the payment of your transaction with your Solana tokens within minutes.
This makes it super convenient and easily accessible.
3. Browser Extension
Commonly, most SaaS brands offer their apps or web portals to generate their operations. However, things are different for StellarSOL because it has none of them. All you have to do is install a small Chrome extension that will allow you to generate the bar code for Solana.
You can then easily scan the code and complete your payment without using any fiat currency.
4. No-KYC Verification Needed
With StellarSOL, you don’t need to verify your account with KYC to make payments. This is because it uses SPL USDC as its primary payment token and does not need any documentation or verification.
Simply install the extension and start using StellarSOL without any hassles.
5. Using Solana Pay
StellarSOL uses Solana Pay to complete the transaction on different platforms. It simply generates Solana Pay’s QR code through its extension, which is easily readable by different apps like Phantom.
Then, as soon as the user scans it, he gets the option to complete the payment by transferring the desired SOL tokens.
Solana Pay is currently directly accepted on three platforms: FTX, Phantom, and Crypto Please.
With so many countries adopting Bitcoin as a legal tender and payment mode, Indians have always felt left out of the race.
Well, not anymore.
StellarSOL’s objective is not only to give a platform to the users for making payments through Solana Pay but a lot more than that. Let us have a look at them.
1. Seamless Payment
Crypto is still a very new thing to this world, and to rely on that for your daily needs is a challenge. There are very few companies that actually accept crypto as a payment mode, and in India, the number decreases even further.
This problem is no more a concern for the people who like to shop online as StellarSOL promises to execute orders seamlessly with Solana Pay.
2. Making Indians Familiar With Cryptocurrencies
No matter how much the west adopts it, Indians will always have a different approach to their lifestyle. The maximum people of the nation are either too scared to use crypto or do not know how to do it as it is a bit challenging in the beginning.
This is where StellarSOL comes in. Its super user-friendly interface lets you use your crypto tokens to buy your favorite products within seconds.
3. No Centralization
Another advantage of StellarSOL is that it does not possess much authority during the transaction, as it is a decentralized mode of payment.
A user is simply transferring his funds from a crypto wallet to a merchant, which is why it does not contain any centralization.
- Easy and convenient to make payments
- Available on most the shopping platforms
- Compatible with Solana Pay to make instant transactions
- No KYC verification needed
- Hassle-free onboarding
- The StellarSOL app is not launched yet
- Very limited information is available for the users.
- The platform does not have a dedicated website or videos yet
- The Non-KYC part reduces the trust of the users
- It is not regulated by RBI or any Government bodies
As I went through the complete company profile and their team members, StellarSOL does seem like a dynamic approach. With skilled Web3 developers in the team, StellarSOL aims to completely transform the payment mode of the country and other countries.
However, I do feel that certain things can do a lot of damage to this start-up. Firstly, we can’t forget that majority of Indians are still not aware of technology completely.
Where on the one hand, UPI still fails to reach the corners of the country, and it is very tough to digest that a crypto payment gateway will become successful.
Apart from that, we do agree that the payment method is seamless, but what about the part of actually owning SOL tokens?
Anyone who needs to use StellarSOL must have Solana in their crypto wallet, and for that, you will have to use any crypto exchange or similar platform.
This increases the number of steps involved in using this strategy, and as we all know, a customer always wants a speedy and smooth payment process. No wonder UPI became so successful in India.
The third and the most important concern that bothers me right now is the RBI’s proposal to put a complete ban on cryptocurrencies in India. If it happens, we all know what may happen with StellarSOL.
Talking about the chrome extension, I do think it is a great move to give convenience and comfort to the users. However, the developers should also work on a dedicated website, especially for the platform.
This will increase the platform’s credibility and give users much more information.
This was all for the review of this new Indian payment start-up. Let me know in the comments if you will be using this app or not.