Charlie Lee founder of Litecoin in a tweet last week touched on new payment processing services coming to Litecoin. Charlie’s tweet goes thus;
“Another payment processor for Litecoin. It’s going to get a lot easier for merchants to accept LTC! @GoCoin @CoinPaymentsNET @AliantPayment @LitePayInc and now @LitePalOfficial #PayWithLitecoin…”
The LitePal payment service processor which aims to create a cryptocurrency world where Litecoin is utilized by merchants from all over the world. LitePal will be creating a simple and easy-to-use platform to help boost the use of Litecoin for everyday transactions. LitePal is expected to be fully functional later this year. As indicated on the website, users will be able to use the LitePal service with PayPal, Western Union, Bitcoin, Litecoin and a few other payment mediums and the fees are to be very low.
This news is creating some buzz and excitement within the Litecoin community as users will be able to convert all payments to and from US Dollars immediately. All transactional deposits will only incur a flat 1% settlement fee – this is quite competitive when compared to the 3% charged by credit card companies.
Palwasha Saaim who is an analyst with Lombardi Financial explained that this “would allow businesses to accept Litecoin without worrying about price volatility. Payments would be processed by LitePay instantaneously and settled directly with their banks. Take note that BitPay is currently charging about $5.00 transaction fees for processing Bitcoin transactions that take ages to confirm. The best part is that Litecoin users will be able to convert litecoins to dollars and vice versa through their Visa-compatible LitePay cards, which will be usable at all ATMs or businesses that support Visa payments.”
Litecoin, the 6th largest cryptocurrency by way of market cap is quite popular with the crypto community and it has some similarities with Bitcoin. It however goes further to address issues that Bitcoin is currently not capable of solving adequately.