Moon, a Cryptocurrency payments platform startup, has introduced a web browser extension that enables e-commerce shoppers to utilize their Bitcoin (BTC) to purchase things on sites like Amazon, using Lightning Network (LN). All lightning-powered wallets will now be able to transact Cryptocurrency on e-commerce sites through Moon’s browser extension. Since the company’s regular Chrome browser extension is already accessible on the Chrome web store, the startup says that the lightning feature update is still under evaluation, and is expected to launch imminently.
Ahead of the launch, Moon CEO Ken Kruger says that 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 favorite lightning wallet. However, it doesn’t mean that e-commerce sites like Amazon will be accepting crypto directly. According to the reports, Moon will process users’ lightning payments and switch them into fiat currencies, before settling the transaction with a given e-commerce merchant. Kruger further outlined that 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. Additionally, he noted that the Lightning-enabled feature, by 2020, will be compatible with any e-commerce site. However, as of now, users will be able to spend their Cryptocurrency on Amazon through the plugin.
Commenting on the extension’s functionality, Kruger unveiled that at checkout, users will be provided with a QR code that contains the lightning invoice. Having made their payment, they will be redirected back to the regular payments confirmation page of the e-commerce site.