Now shop with Amazon and pay with Cryptocurrency
Yes! You can now shop in Amazon with Cryptocurrencies. From now onwards Amazon will accept payment with Bitcoin, Litecoin and Ether. It will be possible with the help of a new startup named Moon. Moon is a three-person start-up that will allow people to pay via Bitcoin with the help of the Lightning Network. The company also launched a desktop browser extension for the same for Google Chrome, Opera and Brave.
How does Moon function
Moon wants to make this possible with current payment methods. After installing the extension, whenever a user will be on the checkout page of Amazon, Moon will recognize that automatically. And then it will insert the company’s own payment widget. The user can see the amount to be paid in cryptocurrencies before making the transaction.
Ways of Payment
Currently, there are two ways to pay. Moon lets you pay with any Bitcoin wallet which will work on top of the Lightning Network. Where Bitcoin blockchain takes a minute to confirm the transaction, the lightning network makes that faster.
The other way of payment is through a crypto balance or coinbase account. In this case, if the user holds Bitcoin, litecoin, etc. in coinbase account, the payment will be done by leveraging the API of the coinbase.
Actually, Moon uses the prepaid value system on Amazon. When anyone pays via Moon, it automatically converts the cryptocurrencies and tops up the Amazon account and pays through Amazon balance. Well, this service or add on payment method has no additional charges.
As of now, this service is available in the US only. But soon Moon has plans to expand overseas and reach Canada and Europe. Moon also wants to expand through other e-commerce websites as well.
Seeing retail giants like Amazon accepting cryptocurrencies as their payment mode is definitely a good nod for future existence. Hopefully, soon there will be more big names associating themselves in the same payment method.
About The Author
Debarati GhoshDebarati is a finance MBA who is a keen observer of the current crypto currency market. She likes to read and write about the game changer and industry transforming news of the market.
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