NFC TIMES Exclusive Insight – While Bitcoin and other cryptocurrencies are mainly seen as assets for speculative investments these days rather than currencies for making payments, U.S.-based provisioning and mobile wallet platform company Fit Pay Thursday released a second announcement about its planned contactless device that would enable holders of Bitcoin to make purchases at brick-and-mortar stores.
Fit Pay, part of U.S.-based NXT-ID, said Thursday its “Flip” contactless device, which will probably be a wearable, is expected to be available in the second quarter. When delivered, it would enable consumers who choose to use their Bitcoin for purchases to tap to pay with the cyptocurrency in stores–after the Bitcoin is converted into U.S. dollars in a prepaid account by Fit Pay’s platform. The vendor said it might support other cryptocurrencies later.
While few merchants accept cryptocurrencies, Fit Pay said the planned device could be accepted at any retail point-of-sale terminal that supports standard contactless technology. Fit Pay already has a prepaid, reloadable card product that could support a standard contactless application from a global network, such as Mastercard Contactless.
