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Amazon is the biggest e-commerce retailer in the world and growing bigger and bigger with each passing year. In a major development for Bitcoin as the largest digital currency in the cryptocurrency industry, a practical solution for crypto payment options makes all the sense in the world.
A recent post by Leigh Cuen on Coindesk details how shoppers will be able to pay for Amazon purchases with Bitcoin (BTC). The BTC payment process is tied into the lightning network for online purchases. Moon has gained recognition as a start-up crypto payment processing company. It just announced that any lightning-enabled crypto wallet can now be used through the company’s browser extension.
This follows a 250-person beta test that used Moon to buy items on crypto e-commerce sites through the connection between the browser extension and an exchange account such as Coinbase.com.
“The extension will pop up a QR code and it will have the lightning invoice. You could also copy and paste if you can’t use the QR code for some reason. You’ll be able to pay with your favorite lightning wallet.”
The big stipulation is that Amazon never touches bitcoin. It was unclear which traditional financial institutions are involved in the conversion process. This converts BTC to fiat on the backend of the transaction. This will enable Amazon merchants to receive actual fiat currency for their products or services. Kruger added that Moon’s goal is to have the Lightning-enabled feature up and running on any e-commerce site by 2020. This is regardless of whether or not the existing platform accepts bitcoin directly.
Kruger went onto say, “There’s no direct merchant integration.” This highlights the fact that Moon manages payment channels and offers an interface for sending payments. As part of the plan he also stated:
“We’re integrating with the Visa and Mastercard networks and we get a cut of the interchange fees that merchants pay every time they receive a credit card transaction.”
It was also noted in this post that the extension’s lightning network was still in the review process with the Chrome Web Store. The intention it to still launch later this week.