Litecoin (TIKER: LTC/USD.BITFINEX) is expected to launch its exclusive transaction processor - LitePay - for consumer use this week, Daily Express reports.
LitePay will allow businesses to accept Litecoin payments by instantly processing the payments that are settled directly with their banks.
According to the source, Litecoin will have much quicker transaction times compared to Bitcoin and significantly cheaper fees.
Bitpay - a Bitcoin (TIKER: BTC.EXANTE) and Bitcoin Cash (TIKER: BCH.EXANTE) transaction processor - charges consumer $5 dollars per transaction to make payments in Bitcoin which take a long time to confirm. LitePay will charge a flat 1% fee per transaction, compared to standard credit card fees which are around 3%
Palwasha Saaim, a Research Analyst at Lombardi Financial, said:
“It would allow businesses to accept Litecoin without worrying about price volatility.”
LitePay users will be able to convert Litecoins to dollars and vice versa through the Visa-compatible LitePay cards, which can be used at all cash points or business that support Visa payments.