E-commerce: first Layer 2 payments on ETH
2 min read
The possibility of making e-commerce payments using a Layer 2 solution on ETH is on its way.
The ETH network has been congested for some time now, with the result that transactions are expensive and not particularly fast.
However, there are already solutions that enable fast and inexpensive payments, and these are based on so-called second layers, i.e. additional infrastructures based on the basic ETH infrastructure.
One of these is Polygon (formerly Matic Network), which will be complemented by CryptoRefills.
CryptoRefills makes it possible to buy gift cards and pay in cryptocurrencies, with which one can make online purchases on hundreds of e-commerce sites.
Polygon for Layer 2 transactions on ETH
By integrating payments with Polygon, it will be the first platform to use a Layer 2 solution on ETH to accept e-commerce payments.
Transactions made through Polygon are much faster and cheaper than those that have to be registered on the ETH blockchain, as they are confirmed in less than a second thanks to very fast block generation, and have significantly lower fees.
Polygon can be used to make payments in Ether (ETH) and other ERC-20 tokens, such as USDT.
Therefore, the integration of Polygon Network on CryptoRefills will allow users to purchase top-ups, vouchers and gift cards paying in ETH, USDT, and soon other ERC20 tokens, with immediate delivery and near-zero fees.
CryptoRefills CEO Massimiliano Silenzi said:
“Our data shows that when it comes to purchase experience, fast transaction times and low fees are what matter the most to our users. I believe that layer 2 scalability will hugely improve the experience of using different cryptos including stablecoins for everyday shopping. Our first ETH layer 2 payment solution with Polygon is a great step in this direction”.
Polygon co-founder Sandeep Nailwal added:
“We are excited to partner with Cryptorefills and bring fast and inexpensive transactions to their community. The aim here is to deliver a UX which is fast, intuitive, responsive and highly scalable”.
The post E-commerce: first Layer 2 payments on ETH appeared first on The Cryptonomist.
