Litecoin managed to maintain a decent position on the market, despite the recent crashes, as it’s a faster and cheaper alternative to Bitcoin. However, it’s about to get more tangible soon, according to a report from The USA Commerce.
The network’s payment platform, LitePay, is expected to be officially introduced as soon as next week and it looks like the system behind it could have a real impact on the cryptocurrency market. Not to mention that this can help support LTC’s position in the retail payments space.
A retailer’s dream?
For those who aren’t familiar with the platform, LitePay is a system allowing retailers to accept payments made with Litecoin instantly, no matter the location in the world.
Basically, we’re talking about an e-commerce payment tool, as marketers can accept payments using an easy gateway. Also, you don’t need to worry about the volatility, since it can be converted into USD instantly.
“Use LitePay’s retail, e-commerce, billing, and donation tools to accept payments from customers anywhere on earth. Receive settlement from Litecoin payments directly to your bank account in your own currency, with zero price volatility or risk,” the platform’s official website says.
When it comes to the fees, LitePay charges 1% per transaction, a ridiculously low value, compared to standard credit card fees, which range around 3%. Looking at Bitpay, the Bitcoin variant of this platform takes $5 per transaction and it takes pretty long for it to complete.
One last advantage
Finally, we should talk about one additional feature LitePay has. The platform acts like a wallet where you can check all your LTC payments and activity, but also load funds using fiat money.
As for the coins you load, they can be used with a LitePay Visa card. This card can be used in any place where Visa cards are accepted, taking money directly from the LTC card.
Currently, Litecoin is on the 6th position in a top of the biggest cryptocurrencies, with a market cap of over $8.25 billion and trading at $149.99.