Moon Introduces Visa Merchants to the Lightning Network
This month has seen some massive integrations for the Lightning Network. From major exchanges to payment processors, this second layer protocol has significantly extended its ecosystem. Now, Lightning Network users have even more reason to rejoice as the start of Bitcoin payments, Moon introduced a unique new strategy to bring the Lightning Network to every VISA merchant.
How Moon’s New System Works
At the heart of Moon’s new functionality is the Moon browser extension. This extension works as an add-on for Chrome and Brave browsers. When you go to an e-commerce site that accepts VISA, you can use this extension to complete the sale using Lightning Network Bitcoin. To accomplish this task, the system automatically takes your Bitcoin and uses it to purchase and create a prepaid VISA for the amount you wish to spend.
Moon brings new flexibility
This prepaid VISA is then used to make the purchase directly. In particular, each card is specific to its sale and can only be used once at the time of sale. The key to the proper functioning of the system is the Lightning Network. The network’s fast micro-payment options are essential to allow the system to close the sale within seconds of the purchase. The efficiency of the Lightning Network continues to motivate payment processors to develop exciting new protocols, with Moon being the latest in a line of payment options to hit the market over the past year.
Moon – The best of both worlds
Discussing the developments, Moon CEO Ken Kruger spoke about the motivation behind the new concept. He explained that the current market landscape is bare in terms of merchants who accept Bitcoin. However, VISA has an impressive number of participants in its network. He described how the combination of the two options benefits both parties and the user. Users are gaining flexibility, Bitcoin is gaining in user friendliness, and VISA is becoming an integral part of the nascent crypto economy.
One of the most impressive aspects of the business is the no-cost structure. There is never a charge for creating your prepaid VISA. This no-cost approach is more incentive for those who wish to spend their Satoshis overseas. It also removes all financial hurdles for new users looking to make small purchases using the system.
VISA continues to lend a hand
This latest development is another example of VISA lending its resources to the blockchain community. The world’s largest payment processor has helped various other payments-related projects over the past year. Notably, VISA was an integral part of Strike’s Lightning Network integration. He also played a pivotal role in helping FOLD launch their Bitcoin Rewards Debit Card.
Moon Opens Door to More Lightning Network Adoption
Moon’s latest venture is sure to thrill many users. The prospect of using Bitcoin wherever VISA is accepted has already been a major draw for Bitcoiners. Moon introduces the ability to accomplish this task without needing to register for a card, wait for it to arrive, and keep it safe. Instead, all you need to do is download the Moon browser extension, register your account, and connect your Bitcoin wallet to get started.