01 Apr 2022

Commerce payments on the Lightning Network

Commerce payments are on the rise over the Lightning Network. The new businesses onboarding to the Lightning Network prefer ready-made solutions for its simplicity. We look closer at the most used payment solutions in this article.
State of Lightning Volume 2
Based on the data gathered for the State of Lightning Volume 2 report, we can estimate how much volume was processed in commerce payments through payment processors like OpenNode, Ibex Pay, and gift card solutions like Bitrefill. In February 2022, we estimate that these payment solutions processed $2 million in commerce payments through the Lightning Network. The volume is evenly split between "pure" bitcoin payment processors and other solutions like using gift cards as a bridge between bitcoin and receiving the good or service. Commerce payments through the "pure" payment processors are distributed on several solutions, with the most prominent being OpenNode, Coingate, and Ibex Pay. Bitrefill dominates volume among the other payment solutions like gift cards and payment cards, accounting for more than 75% of the volume within this group, and thereby, 38% of the commerce payments that were handled through payment processors and other payment solutions in February 2022.
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