One of the biggest problems faced by the crypto community, today, is that of usability, i.e. using cryptocurrency for payments. Although there are merchants and retailers out there that accept crypto as payments, we’re still far away from fully using the digital currency as a widely accepted form of payment.
All lightning-enabled wallets will now be able to transact cryptocurrency on e-commerce sites such as Amazon through Moon’s browser extension. The browser extension will have to be connected 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 favorite lightning wallet.”
This doesn’t mean that Amazon will be accepting Bitcoin directly for items purchased since the company never directly deals with any form of digital currency. This means that Amazon merchants will receive fiat currency for their services. It is unclear as to which traditional financial institutions will facilitate the conversion of Bitcoin to fiat currency.
Kruger stated, however, that by 2020, the Lightning-enabled feature will be compatible with any e-commerce site. As of now, users will be able to spend their cryptocurrency on Amazon through the plugin.
The extension will be launched on April 24, on the Chrome browser.
Kruger further stated that the integration has been made possible through partnerships with VISA and Mastercard. Transactions fees equivalent to those made via plastic payment cards will be forwarded to the relevant payment card networks.
“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.”
The initiative is a really good step, as it may help in solving the usability problems Bitcoin faces.
This article was originally sourced from Coinspeaker.
Image Courtesy: Coinrivet.com.