London-based digital currency firm Plutus brings a new Bitcoin app to the cryptocurrency world. The smartphone application will permit to pay with BTC at any Near-Field Communication enabled payment terminal.
UK-based Bitcoin startup Plutus announced a contactless payment app powered by the Blockchain. The app allows customers to go shopping paying with bitcoins at any NFC payment enabled point of sale terminals.
“In the Bitcoin community, a merchant starting to accept the digital currency is still a notable celebration that echoes throughout the message boards. It’s a surprisingly difficult accomplishment. This is why we decided it was time for something unique. Plutus. NFC enabled virtual debit card, which is funded by traders on a decentralized network in exchange for your Bitcoin. You simply make a deposit and by the time you get to the store you will be able to spend it effortlessly,” claims Plutus.
According to a Plutus associate, the new service will launch in 2016. Now, the software is in alpha phase. However, customers are able to join the testing team.
“Our app uses smart contracts to link you directly with traders on our decentralized exchange network. Traders then purchase your bitcoin in return for your local currency, and their deposit is immediately charged to your virtual debit card. However, the real innovation here is that Plutus avoids the need to store your funds as an intermediate or plug into a third-party exchange. This makes the process cheaper, faster, and more decentralized,” explained Plutus Chief Communications Officer Filip Martinka.
“The volume of contactless transactions has grown exponentially in recent years, and is predicted to hit £17.7 billion next year in the UK alone. Our goal is to become part of this accelerated innovation, as Plutus is one of the first apps to truly merge decentralized exchange, bitcointechnology, and contactless payments,” added Martinka.
It’s necessary to say that an app bringing Tap & Pay technology to the Bitcoin industry was long-awaited.The Plutus team commented: “The problem is we have a big chicken and egg issue with Bitcoin. Without enough merchants, Bitcoin will struggle to become mainstream. But without mainstream use merchants don’t have enough incentive to accept it.”
“Plutus makes it easy to buy a cup of coffee, gas or groceries with bitcoin. The store doesn’t even need to be aware of this. The app will provide you with the bitcoin address of a trader willing to buy your coins, and your deposit will automatically be exchanged to the merchant’s local currency for payment. In the end, it feels the same using any contactless card or NFC enabled device such as Apple or Android Pay,” said Filip Martinka.