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Cryptocurrencies

Fit Pay rolls out contactless payment device for cryptocurrencies

Friday 9 February 2018 | 10:21 AM CET

Fit Pay has launched Flip, a contactless payment device that will enable cryptocurrency holders to make purchases at millions of retail locations.

The launch of the new device follows a December 2017 announcement that the company is expanding its platform to connect cryptocurrencies to the payment ecosystem. Leveraging the FitPay Payment Platform, Flip will use value exchanged from cryptocurrency to make traditional payment transactions. The company will begin taking pre-orders for Flip in February 2018 on a date to be announced.

The near field communication-enabled (NFC) solution will allow users to transact payments at any retail point of sale location that accepts contactless payments. Flip will store a preloaded amount of US dollars that are exchanged from the user's existing cryptocurrency account. It includes a digital wallet that allows the user to set how much value they would like their Flip to hold and when they would like it to reload. Initially, Flip will accept value exchanged from Bitcoin and will potentially expand to other cryptocurrencies in the future.

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