Fit Pay, a subsidiary owned by NXT-ID announced in December last year that they would be launching a platform to work on a project that connects the payment ecosystem with cryptocurrency. In fulfilment of this promise, they have launched a contactless payment device called Flip that let's users shop at online stores using crypto.
Flip will be an expansion of Fit Pay's payment platform. Consumers will be able to make online purchases by offering the equivalent value in virtual currencies. Pre-orders of the new device will begin by the end of the month and first batch of deliveries made second quarter of the year. Orders and deliveries will be available only in the US initially.
The NFC Chip enabled device will offer customers a tap-to-pay experience. Michael Orlando, Fit Pay’s president and chief operating officer of NXT-ID said: “Flip is a very convenient way to use cryptocurrency value to make retail transactions. Not only does it seamlessly exchange cryptocurrency into dollars, it’s contactless, giving users a simple tap-to-pay experience.”
How it Works
Flip can be used at all POS where contactless payments are accepted. The device is preloaded with a specific amount in Fiat already exchanged from user's crypto funds. It will also have a digital wallet service for managing how much Fiat is held on the device. At the moment, only Bitcoin is supported on Flip.
Flip's journey started last year from the partnership agreement between Cascade Financial Technology and Fit Pay. The agreement was aimed at providing payment solutions to users to make crypto payments using NFC-enabled devices. Before now, both companies had collaborated to offer payment-enabled services to IoT gadgets. This way, your smartwatch and other wearable smart devices can get preloaded with specific amounts which can be spent on online purchases. To access this service, Fit Pay users have to connect to Cascade Cloud.
Now appears to be a good time for Flip's launch, especially as mainstream adoption of crypto accelerates.