LitePay is the payment processor of Litecoin, where retailers can accept Litecoin payments instantly worldwide. A specific Litecoin wallet will be used to load Litecoins onto a Visa-compatible LitePay card. The LitePay card can be used anywhere that Visa is accepted. Retailers will have no need to worry about volatility as payments can be converted into fiat immediately. Much faster transactions times in comparison to Bitcoin with lower fees. An example being BitPay, which is a Bitcoin/Bitcoin Cash transaction processor that charges $5 per transaction with lengthy confirmation times. LitePay will charge a flat 1% fee per transaction, in comparison, standard credit card rates average around 3%.
LitePay was first made public around Christmas 2017 and expected to launch early February with no official date at this time.
This could potentially be huge news once it is implemented for Litecoin and the Cryptocurrency space in itself!
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