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LitePay is the payment processor of Litecoin where retailers can accept Litecoin payments instantly from anywhere in the world.
A Litecoin wallet will be available where users can load Litecoins onto a Visa-compatible LitePay card which will be supported worldwide.
It is an exciting launch that is expected to send the price soaring when it launches.
What is LitePay?
LitePay is the payment processor of Litecoin and it means businesses will be able to accept payment in Litecoin and the company’s Litecoin-exclusive debit card from anywhere in the world.
LitePay will allow businesses to accept Litecoin payments by instantly processing the payments that are settled directly with their banks.
The cryptocurrency is stored in a digital wallet where you can manage your Litecoin payments and activity and load the coins onto the card.
The loaded coins can be used with the LitePay Visa card can be used wherever Visa cards are accepted and it takes the money directly from your Litecoin wallet.
Businesses will also be able to accept the cryptocurrency for payments as well.
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LitePay launch: When does LitePay launch in the UK?
The website states: “The service provides value to two fundamentally different kinds of clientele for two different reasons.
“Firstly, it gives merchants an added incentive to begin accepting Litecoin because the payment processor assumes the risk of accepting the crypto – protecting merchants from market volatility. Secondly, it gives Litecoin holder more liquify in the short-term with their debit cards.”
Litecoin will have much quicker transaction times compared to Bitcoin and significantly cheaper fees.
Bitpay – a Bitcoin and Bitcoin Cash transaction processor – charges consumer $5 dollars per transaction to make payments in Bitcoin which take a long time to confirm.
In comparison, payments would be processed by LitePay instantaneously and settled directly with their bank.
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LitePay will charge a flat 1% per transaction compared to BitPay’s $5 transaction fees
When does LitePay launch?
Litepay is expected to be released this week, no official release date has been confirmed but it “is on track for its February launch and is expected to be released for consumer use this week.”
The transaction processor was initially made public just before Christmas by the Litecoin Foundation.
It has been called a “game-changer for Litecoin” by Palwasha Saaim, a Research Analyst at Lombardi Financial.
She said: “It would allow businesses to accept Litecoin without worrying about price volatility.”
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LitePay users will be able to load funds onto the Visa-compatible LitePay cards
Where will you be able to use LitePay?
LitePay users will be able to convert litecoins to dollars and vice versa through the Visa-compatible LitePay cards, which can be used at all cash points or business that support Visa payments.
The LitePay Visa card can be used wherever Visa cards are accepted and takes the money directly from your Litecoin wallet.
LitePay will charge a flat 1% fee per transaction, compared to standard credit card fees which are around 3%.
What is Litecoin?
Litecoin -which uses the acronym LTC – is a peer-to-peer cryptocurrency and was launched in October 2011 by engineer Charlie Lee.
It was created as an upgrade to Bitcoin and was created through the original Bitcoin source and incorporated some of Bitcoin’s code.
Lee created Litecoin to be the silver to Bitcoin’s gold but the main difference to lie in the transaction speed.
Litecoin is used to transfer funds directly between businesses and people without the requirement of intermediaries such as banks.
This process reduces any major processing fees involved with traditional payments and reduces delays in the payment process.
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The launch of LitePay mean payments can be accepted instantly worldwide
The cryptocurrency works within a decentralised network format known as Blockchain – a technology that allows for fast, secure and transparent peer-to-peer transfer of digital goods, including money.
In comparison to Bitcoin, Litecoin can confirm the legitimacy of transactions a lot faster and process a higher number of them within the same time frame.
Cryptocurrencies have a limited supply of coins – Bitcoin has 21 million coins in circulation and Litecoin has 84 million.
Although the market cap of Litecoin is significantly lower than that of Bitcoin, Litecoin still ranks within the top six cryptocurrencies at the time of publication.
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