Bitcart, an Irish-based discount gift card platform, announced the launch of a payment wristband called Festy. This wristband is integrated with a QR code and NFC, ant thus allows people pay for food and drinks using Dash while visiting festivals and bars. Festy owner may not carry such traditional “tools” for payments, as a wallet, a cell phone, or credit card, while all is done without them. The wirstband is linked directly to a consumer’s Dash account. Funds are not stored on the Festy platform and transactions are being carried out within seconds, – releases Bitcard.
Dash is the world’s leading digital currency for payments, which market cap at the moment almost $1.3 billion USD making it one of the 6 most valued cryptocurrencies in the world. Now, Dash’s InstantSend technology allows the digital currency to make instant payments and as the result of the next update, Dash will be able to process over 500,000 with a fee of only 10 cents per transaction.
“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,” – CEO Graham de Barra said.
Festy ensures maximum privacy displaying no card numbers or private keys while making purchases. In addition, users can refill their wristbands at branded ATMs, or make transfers online.
What is more, Festy helps create steady and secure cash flows between the merchant and the consumer removing the necessity to wait in lines near standard ATMs, which typically charge a high rate of $3-5 per withdrawal and act as breeding grounds for loss and theft.
“Festy is truly a great idea; it’s a very simple way of normalizing digital currency, particularly for millennials. 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? And who wants to keep counting cash at the bar and putting change in your pocket? 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. There’s a growing amount of real world use cases for Dash as an attractive payment option, and it’s an exciting time ahead,” – said Daniel Diaz, VP of Business Development for Dash.
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.
Its creators claim, that Festy is an affordable, scalable, and secure payment solution for people who don’t want to carry or worry about their wallets, handbags or cash at every moment.
When the prototype is ready for a full public rollout, it will be available to purchase on www.festypay.com.