Litecoin (LTC) is one of the oldest and more resilient cryptocurrencies in the market. Since it was created in 2011, the developers behind this currency have been working hard to offer fast and cheap payments to the community. Now, Litecoin has launched two new payment platforms known as LitePay and LitePal.
New Litecoin Payment Processors
LitePal will be the first payment processor for Litecoin in the market. The release is expected to be between Q2 and Q3 of the current year.
“LitePal is a Litecoin-first payment processor. We envision a cryptocurrency world where Litecoin is utilised by merchants from all over the world; one streamlined, simple, less confusing process. Thank you @SatoshiLite for creating the LTC we all love.”
Besides that, the client that wants to use LitePal can pay through Litecoin, PayPal, or Western Union.
LitePay will allow merchants, individuals and enterprises from all over the world to accept Litecoin payments. Merchants and vendors will be able to receive Litecoin payments paying 1% every transaction, compared to 3% charged by credit cards. Payments can be done using Litecoin and the seller can receive the money in his local currency without being suffering chargebacks or giving sensitive information.
The individual pays with Litecoin during the checkout process, LitePay converts the Litecoin instantly to the local currency, shielding enterprises from any volatility risk, and the deposit can be seen in the bank account.
When the announcement was done, Litecoin reacted very positively to it. Indeed, the cryptocurrency was operating negatively and with important loses for all the top 100 currencies. Litecoin was the only one operating up. At the moment of writing this article, Litecoin is being traded around $145 dollars. Besides that, Litecoin is the sixth most important cryptocurrency by market capitalization with $7.8 billion dollars.
Ray Lim, manager of Xtreme Enterprise in Casemod Product said:
“LitePal is not ground breaking but it’s the first step towards mass adoption. If Visa and MasterCard coms aboard this card, then we’ll see the moon.”
In case you’re interested to buy Litecoin – check out our guide on the best ways to purchase Litecoin.