Polygon brings payment services to competitor Solana

Polygon will also offer its payment services on Solana (SOL), a network in which it competes. With this, the company aims to simplify international crypto payments: banks and payment companies can receive, exchange, and withdraw funds via a single system, regardless of the network used.

Polygon Labs is making its payment platform Open Money Stack available on Solana. Companies that send money internationally using crypto often require multiple providers for this: one to convert euros or dollars into crypto, and another to get the money back into a bank account.

Polygon brings those steps together. Through a single connection, companies can receive payments via bank accounts, payment cards, and cryptocurrencies, and then exchange and send the funds via Solana, Ethereum (ETH), Polygon, and Tron (TRX), among others. Digital wallets and direct payouts to bank accounts are also supported.

According to Polygon co-founder Sandeep Nailwal, the biggest problem lies in the connection between crypto networks and existing banking systems. Polygon wants to lower that threshold for banks and payment companies.

One of the first users is Kira, a company that handles international payments. Kira uses the technology to exchange stablecoins, crypto coins typically pegged to the dollar, for regular dollars. The money is deposited into a bank account, so that customers can pay suppliers abroad, for example. Polygon does not disclose customer numbers or volumes.

The choice of Solana is no coincidence. The network has become one of the most popular places for stablecoin payments. The fact that Polygon now also offers its services there shows that the company is increasingly positioning itself as a payment company, independent of its own blockchain.