Shop on Amazon with Bitcoin

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According to a Coindesk report, BTC owners can now use the network at e-commerce sites like Amazon, thanks to Moon, a New York-based startup in crypto payment processing.

Moon announced on 22nd April, “any lightning-enabled wallet can now also be used through Moon’s browser extension.” Prior to this, around 250 beta users “already used Moon to spend crypto on e-commerce sites by connecting the browser extension to exchange accounts like Coinbase.”

Moon’s CEO, Ken Kruger said: [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.”

Amazon itself does not handle bitcoin. And Coindesk remarks that Kruger “declined to specify which traditional financial institutions are helping convert the bitcoin to fiat on the backend so that Amazon merchants actually receive fiat currency for their wares.” Kruger did however say that by 2020 the lightning-enabled feature should work on almost any e-commerce site, regardless of whether that platform accepts bitcoin directly: “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.” He also added that by 2020 the lightning-enabled feature should work on almost any e-commerce site, regardless of whether that platform accepts bitcoin directly.

Meanwhile Kruger said Moon is wants to raise a Series A in 2019 and to further explore consumer behavior with bitcoin payments.

“There’s a lot of opportunities to help solve some of those usability problems and getting people onto the lightning network, increasing adoption in that way,” Kruger said. “We’re going to engage with other folks in the lightning community to see what people are doing, what they’re working on and if there are any significant gaps. We’d love to step in and help whenever possible.”

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