Competition in the world of crypto payments: LitePay is live

The service also works for users looking to store and spend Litecoin (LTC) and perhaps the most impressive feature of LitePay is that it will also provide a card-based service to make the spending of Litecoin a lot more convenient, according to the online publication The Merkle. It works for both retail and ecommerce, and handles the settlement of transactions by converting incoming transfers to fiat currency deposited in a bank account.

On paper, LitePay’s biggest advantage is that it becomes a lot easier for people to accept Litecoin payments. So far, it seems Litecoin has not made a big impact in this regard, even though the network has a healthy amount of transactions overall, the online publication continues.

Moreover, the LitePay Card is expected to become available soon. Users will need to verify their identity before getting their hands on a LitePay card. However, neither Visa nor Mastercard are too keen on dealing with cryptocurrencies as of right now, and it remains unclear if LitePay has come up with a solution to bypass this problem, The Merkle concludes.