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Cryptocurrencies

NXT-ID's FitPay to ship orders of contactless payment device

Monday 14 January 2019 | 12:43 PM CET

FitPay, a subsidiary of NXT-ID, has announced that it will begin shipping initial orders a new contactless payment device called Flip.

This device allows Bitcoin holders to use the value of their currency in order to make contactless purchases at millions of retail locations. Also, confirmed pre-orders of Flip will begin shipping on 13 February 2019.

As such, Flip's near field communication (NFC) antenna allows it to transact payments at any retail POS location that accepts contactless payments. The device stores a preloaded amount of US dollars, which are exchanged from the user's existing Bitcoin account. A digital wallet that enables the users to set how much value they would like their Flip to hold, and when they would like it to reload is also included in the technology.

Flip does not need to be charged. Non-fiat funds, such as cryptocurrency, must first be converted to US dollars before those funds are loaded onto Flip. The device is only available in the US, and the retail price for Flip is USD 29, however there are account and exchange fees associated with maintaining a Flip digital wallet.

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