It's called LitePay and the goal is simple: real world use of cryptocurrency as currency - and make it so easy, merchants will feel like giving it a shot.
So, why does this actually have a chance to succeed? Ease of use - for both the buyer and the merchant.
From a merchants perspective - they're currently giving anywhere from 3% to 7% of their transactions to whatever company processes their credit card payments. With LitePay, that drops to 1%. Imagine a small business doing $100,000 a year in transactions - if they can get their customers to use LitePay, they'll see an increase of up to $7,000 in profits per year - which is extremely appealing to a small retailer.
Embedding the ability to accept Litecoin as a payment on their websites will be as simple as adding just one more option to their current list of payment options such as credit cards, paypal, etc.
From the buyers point of view - none of the hassle of dealing with wallet addresses and private keys, how about just a card and pin instead? “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.” Palwasha Saaim, a Research Analyst at Lombardi Financial recently told the Nasdaq stock exchange.
The release date has been a vague 'Feburary 2018' - with the last update being given about a month ago from the LitePay team stating "we are on schedule for Feburary".
*UPDATE* - A release date of Feb 26th has been announced!
Author: Adam Lee
Asia News Desk
