LiteCoin announces new payment service that rivals Bitpay

LITECOIN (LTC) outperformed all other major cryptocurrencies today increasing a staggering 30% against the pound due to an announcement regarding the new LTC-Fiat payment service called LitePay.

Litecoin first announced LitePay in the days leading up to Christmas 2017 but today announced the release date as February 26th for the new infrastructure.

LitePay is essentially a pre-paid credit card, with funds being loaded on to it in advance of use. The introduction of this new payment system will enable retailers to accept payments in Litecoin from anywhere in the world, instantaneously.

Linked to the blockchain, it will enable instant payments, something which is not currently possible with other cryptocurrencies. Even BitPay – Bitcoin’s equivalent to LitePay – can take quite some time to process payments, which has been a deterrent for potential partners getting on board.

With transaction fees of 1% for each transaction made through LitePay, the new system will compare favourably with standard fees for credit card payments which tend to be around 3%, and BitPay’s flat rate of $5.00 per transaction.