Litecoin, one of the most successful and longstanding coins on the crypto market, has released two new payment options, named LitePay and LitePal. Its developers have sought to develop inexpensive and speedy payment methods since it came into existence in 2011.

LitePal will be the first platform created for Litecoin transactions and is set to be released between Q2 and Q3 of this year. LitePal's aim is to enable Litecoin to be utilised by businesses on a global scale, offering a confusion-free, streamlined process. LitePal can also be used in tandem with Western Union, Paypal and Litecoin.

Litepay will enable business owners to accept payments using Litecoin and transactions will cost 1% each time they go through, in comparison to the 3% charge tied to credit cards. LitePay will allow merchants, individuals and enterprises from all over the world to accept Litecoin payments.

Payments can be made using Litecoin and the seller can receive the money in his local currency without being suffering chargebacks or the need to give sensitive information. Litepay converts Litecoin to the local currency and protects businesses from potential volatility risks. Payments can be made without the user having to volunteer sensitive information and are designed to ensure that users do not experience any unpleasant chargebacks.