LITECOIN is poised to launch its exclusive transaction processor – LitePay today. Litecoins recent price breakout might have had a lot to do with the announcement that Litepay, a Litecoin payment system, will become available in 41 countries on Monday, February 26. The payment method, which was first announced on December 2017, promises to allow businesses and individuals to use Litecoin for everyday transactions.
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.
Litepay CEO, Kenneth Asare said in a recent interview:
“This is the very beginning of a new way of sharing and transferring value. This is the first part of a very long road that goes from 300 million people being able to be banked to everybody with a cell phone being able to be banked, which is literally 5 billion people today.”
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 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 liquidity 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.
What is the launch date for LitePay?
Litepay is on track to be released today, February 26 according to twitter.
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.
“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.
Where can you 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% and the BitPay transaction fee of $5 dollars per transaction.
At the time of writing Litecoin is currently up over 7% on the day, according to Coinmarketcap. Twenty-four hours ago, it was trading at just over $200, and during Asian trading this morning, it hit a high of $234 before retreating a little to $228. LTC peaked at $252 on February 21st but has fallen back by 20% in recently. It is expected that the release of LitePay may cause the price to rally still further, although many traders will be mindful of the old market rationale of ‘buy the rumour, sell the news’.