Do you know that bitcoin can now be used as payment on Amazon? This is made possible by the innovation of Moon using the Lightning Network.
As announced by Moon earlier this week, the crypto payment processor initiative will enable users with a lightening wallet to utilize Moon’s latest browser extension to pay for products on e-commerce sites such as Amazon by connecting the browser extension to the Coinbase exchange account.
According to Ken Kruger – Moon CEO
The extension will pop up a QR code and it will have the lightning invoice, which you could also copy and paste if you can’t use the QR code for some reason. And you’ll be able to pay with your favourite lightning wallet.
It is not clear if Amazon fully backed the initiative. However, it has been tested to be fully operational using the specified Coinbase exchange. A further inquiry into the simple working process of the conversion of the bitcoin cryptocurrency to fiat (which is the generally accepted payment) for Amazon merchants has proven to be more private than expected- as no financial institution has accepted to be in charge of this.
However, Kruger stated that by 2020, the Lightning-enabled feature is expected to work on an e-commerce site. Whether that platform accepts Bitcoin directly or not, does not matter. Currently, users spend their crypto from their wallet on Amazon, via the plugin.
This good news is sure to launch on Wednesday 24th April 2019, and it will be on a Chrome web browser.
Speaking about Integration, Kruger said that VISA and Mastercard partnered to make integration work, and so they are going to earn a percentage equivalent to plastic cards on every transaction on the network.
In his words;
There’s no direct merchant integration. However, we’re integrating with the Visa and Mastercard network and we get a cut of the interchange fees that merchants pay every time they receive a credit card transaction.
While many argue that its a step in the right direction for Bitcoin and blockchain Adoption, others are still on the sidelines to see how it pans out in the long run.
About Moon Company
Moon is a crypto payment processing company set up in New York last year. Its staff includes only three people with just $100,000 invested by the Entrepreneurs Roundtable Accelerator. she is planning to run a Series A in 2019 together with learning users’ behavior for building its activity’
Moon browser is currently available on Chrome Browser, Brave browser, and Opera.
It is not out of place to say that the company is set to initiate support for other major retail stores like eBay, Dominos, Aliexpress Target And Etsy.
Adoption is on a steady rise in Asia in the transportation sector, in Europe in areas of remittances and insurance while in Africa, we still ask questions like “can you receive your payments in Cryptocurrency?” However, Could these moves from Moon and others be responsible for the recent bitcoin price rise?
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