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Monday, February 26, 2018

LitePay launches at 9pm tonight - but many are disappointed a key feature will be missing...

LitePay will launch tonight at 9pm - but with only some of what was promised.  The following message went out this morning to those who subscribed to their e-mail list for updates:

"Thanks for your interest in LitePay! Registration for Merchant Payment Processing accounts will open today.

Due to recent hostile actions by card issuers towards crypto companies, we have decided that offering LitePay card registrations at this time is imprudent.

We will continue to monitor the situation with regards to card services and will open registration as soon as a reliable product can be supported.

If you are a merchant and you are ready to begin registration for a LitePay Merchant Payment Processing account, please follow the link below after 9:00 PM Pacific Time and click Sign up.

Thank you all for your support as we work to give merchants all over the world the ability to accept Litecoin."

LitePay was supposed to be two things that in conjunction would bring using Litecoin in the real-world a reality.  One was merchant services so businesses could accept Litecoin, the other, a debit card to work anywhere Visa works, that would allow you to spend Litecoin by instantly converting the correct amount to to USD, and authorizing the transaction when swiping the card.

Now we're wondering - was there ever any agreement ever in place that allowed them to implement a debit card?

Other 'spend your crypto with a debit card' themed projects such as Bitwala, Cryptopay, Wirex and TenX - all had their cards canceled and rendered invalid.

At that time (early Jan of this year) Visa issued the statement: "Our actions were not specific to cryptocurrency but rather reflect the issuer's failure to comply with Visa's policies that ensure the safety and integrity of our payment system."

The question that must be asked of LitePay now is - why did you ever say it would include a card? When Visa terminated other cryptocurrency cards nearly two months ago, why did (until today) your plans still include a card for your users?

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Author: Oliver Redding
Seattle News Desk