While the Litecoin community is eagerly waiting for the launch of LitePay, a payment processor, later this week, Litecoin creator Charlie Lee gave a positive surprise to the market by tweeting the upcoming launch of another payment processing service, LitePal, later this year.
While credit cards take up to 3% in processing fees on every transaction, accepting Litecoin through Litepay would result in a simple, flat 1% settlement charge. Moreover, merchants can get direct bank deposits in domestic currency. Bank deposit facility is currently available in 38 countries, settled in USD, GBP, EUR, and more.
The website of LitePay says
“With Litecoin, customers can pay without handing over sensitive personal information, and refunds are made through the merchant — no chargebacks.”
“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!”
LitePal will enable users to pay with PayPal, Western Union, Bitcoin, and Litecoin. The website has mentioned that the fees will be “bone chillingly low.”
Palwasha Saaim, a research analyst at Lombardi Financial, provided his opinion on the developments.
“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. 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 was created by forking Bitcoin’s block chain by Charlie Lee, a former employee of Google. Recently, Lee gave up all his Litecoin holdings, after he was accused of a conflict of interest.