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. 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 LitePay Visa card. 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.
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. 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.” Retailers do not have to worry about price volatility because the payment can be converted into dollars immediately. When businesses accept the cryptocurrency at a given price at a given time, they will be paid that final value – they do not have to be concerned about any price changes. 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. Read more from express.co.uk…
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