The trend of wearable payment devices has reached the cryptocurrency space. The creators of Bitcart, the Ireland-based discount gift card platform, today announced the launch of a new product called Festy. The QR code and NFC integrated wristband allows festival and bar goers to pay for food and drinks on the spot using Dash.
Festy is linked directly to a consumer’s Dash account, so funds are not stored on the Festy platform and transactions for goods occur within seconds, while merchants have the ability to cash out their Dash for the equivalent fiat currency. Users can top up their wristbands at branded ATMs, or make simple transfers online.
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CEO Graham de Barra said: “Our partnership with Dash makes the perfect payment solution for everyday transactions. Unlike existing traditional bank payments that take a 2-5% fee, there is no cost on receiving Dash for merchants. Merchants accepting payments will never have a chargeback, and there are potentially enormous savings to be made compared to the crippling fees from existing payment solutions. We believe this is the payment processor of the future.”
Daniel Diaz, VP of Business Development for Dash, said: “This is a product my friends and I would use, because who wants to take their personal belongings to a bar or festival when you don’t have to? No one. Merchants are going to love it too. Incredibly low fees, lower than a debit and credit cards, and by the time they scan the wearable chip, the money transfer has been executed and settled, with no risk of a double charge or fraud.”
“Festy’s multi-functional wristband is compatible with every Point-of-Sale system where Visa contactless is accepted, as well as on any mobile phone or computer with NFC tags and offline payments using QR codes. This versatility is adaptable to any environment including fields, beaches, camping sites as well as bars, restaurants and conferences. Festy is an affordable, scalable, and secure payment solution, particularly for millennials and Gen Z who don’t want to carry or worry about their wallet, handbag, cash or backpack at every moment during their social calendar,” de Barra added.
The Festy prototype will be unveiled tomorrow at the high tech Opera incubator in Cork, Ireland. It is expected that the prototype will be ready for a full public rollout at the end of Q3, 2017.