We may very well see some major competition in the world of cryptocurrency payments very soon. If everything goes according to plan, the LitePay service will go live today. Not only will this introduce more consumers and retailers to Litecoin itself, but the LitePay Card is expected to become available as well.
LitePay Launch is Imminent
For those who are unaware of what LitePay is exactly, it is a service designed to accept Litecoin payments. It also works for people looking to store and spend LTC in a convenient manner. Perhaps the most impressive feature of the LitePay service is that it will also provide a card-based service to make the spending of Litecoin a lot more convenient.
On paper, LitePay’s biggest advantage is that it becomes a lot easier for people to accept Litecoin payments. So far, it seems Litecoin has not made a big impact in this regard so far, even though the network has a healthy amount of transactions overall. This does seem to indicate a lot of people are more than willing to spend Litecoin for certain goods and services.
Business owners will be pleased to hear that LitePay lets them accept LTC payments in a convenient manner. It works for both retail and e-commerce alike, which only further highlights the importance of cryptocurrency payments. LitePay also handles the settlement of transactions by converting incoming transfers to fiat currency deposited in a bank account.
The LitePay Card is what most people will show an interest in moving forward. Considering that there are so many issues when it comes to cryptocurrency and payment cards right now, it will be rather interesting to see how LitePay tackles this aspect. Neither Visa nor Mastercard is too keen on dealing with cryptocurrencies as of right now, yet it remains unclear if LitePay has come up with a solution to bypass this problem.
As is usually the case, users will need to verify their identity before getting their hands on a LitePay card. It seems the shipping of these cards will commence today, although it has been a while since we last heard about how the company planned to move ahead in this regard. With no updates having been issued, it is possible LitePay Cards will not go out as originally planned.
For the time being, we will have to wait and see what the future holds for LitePay. If it can make Litecoin more appealing to both users and retailers, things will get very interesting moving forward. Only time will tell if the company can actually pull this off, though.