LitePay is to launch this week, and LitePal later this year.
Litecoin founder Charlie Lee last night used Twitter to post about the upcoming launch of a new payment processing service, in addition to the one that is to be launched in a few days.
The service is called LitePal. A tandem LitePal announcement said:
“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 is expected to be released later this year. According to the official website, users will be able to use the service with PayPal, Western Union, Bitcoin and Litecoin, and the fees will be “bone chillingly low”. Apart from the vaguely-worded landing page, no information is yet available regarding this service, so I suppose a ‘watch this space’ is in order.
The Litecoin community is already excited about the imminent launch of LitePay, which is going to make Litecoin useable anywhere that Visa is. It will convert all payments to/from US dollars immediately, and all deposits will incur “a simply, flat 1% settlement charge” as opposed to the 3% charged by credit cards, according to the official website.