Published On: Tue, Feb 13th, 2018

LitePay to be released later this month | City & Business | Finance

Charlie Lee, Litecoin founder and former director of engineering at Coinbase, says transaction processor LitePay will be released on February 26. 

The Litecoin Foundation announced LitePay just before Christmas in a plan to allow businesses to accept payment in Litecoin from anywhere on earth.

The transaction processor allow UK-based customers to pay for products and services in dollars with a flat transaction charge of one percent.

A Litecoin wallet will also be available for all major mobile and desktop browsers and instant withdrawals from VISA compatible ATMs and spend with any VISA merchant will be possible. 

The Litepay website describes the new payment method, it said: “Use LitePay’s retail, e-commerce, billing, and donation tools to accept payments from customers anywhere on earth. Receive settlement from Litecoin payments directly to your bank account in your own currency, with zero price volatility or risk.”

The official LitePal account on Twitter said: “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.”

Palwasha Saaim, a research analyst at Lombardi Financial, called LitePay a ‘game-changer for Litecoin’.

She said: “It would allow businesses to accept Litecoin without worrying about price volatility.

“Payments would be processed by LitePay instantaneously and settled directly with their banks.”

Przemek Skwirczynski an associate at The ICO Rocket said the system will be a “great test”. 

He said: “Rollouts of systems which allow payments in cryptocurrencies are a great way of testing if crypto will sink or swim in the real world. 

“What is crucial is of course keeping the transaction costs low, but that is just a matter of time and will come with increased competition. 

“Payments in bitcoin have already been tested, so it is welcome there are new entrants into the high-street market now with litecoin.”

Litecoin currently lies at $161 with a market capitalisation of $8,922,846,903, according to CoinMarketCap.

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