Litecoin is launching its new payment app, called LitePay roughly within two weeks. The new app will allow the fast Litecoin (LTC) based transactions.
On Tuesday Morning, LitPay Inc. has tweeted saying that it would be launching the app on Monday 26th February. The new payment app is best suitable on a desktop as well as smartphones. Users can proceed payment for goods as services in LTC.
What is LitePay?
LitPay, the new payment app or a processor of Litecoin that allows businesses to accept payment in LTC. It facilitates rapid Litecoin transactions which settles directly with their banks.
The websites state:
“The service provides value to two fundamentally different kinds of clientele for two different reasons.
Firstly, it gives merchants an added incentive to begin accepting Litecoin because the payment processor assumes the risk of receiving the crypto – protecting merchants from market volatility. Secondly, it gives Litecoin holder more liquify in the short-term with their debit cards”.
Comparatively, Litecoin has a much quicker transactions times compared to Bitcoin and the with speedier payment process Litecoin settles directly with their banks.
The Launch of LitePay
The research Analyst at Lombardi Financial, Palwasha Saaim called it,
“The game-changer for Litecoin. It would allow businesses to accept Litecoin without worrying about price volatility”.
Thus, the retailers have to not worry about the price volatility as payment will be converting into dollars instantly.
The Charlie Lee, a creator of Litecoin, said on Twitter that LitePay is on a process to be launched on February 26th. It the first transaction processor to be public just before Christmas by Litecoin Foundation.
Litecoin (LTC) was launched in October 2011, it a peer to peer cryptocurrency. At the press time, LTC was trading at $196.93 with a market cap of $10,872,654,244.