NXT-ID Inc (NASDAQ:NXTD) Fit Pay has unveiled a contactless payment device known as Flip which will be used to buy goods and services at various retail outlets using digital coins. This follows an announcement which was made in December last year that the NXT-ID subsidiary would be expanding its platform in order to integrate virtual currencies in the payments ecosystem.
In order to conduct traditional payment transactions, Flip will leverage the payment platform of FitPay. Pre-orders for the device will kick off later this month. Initially the device will only be available in the United States though there are plans to roll out to other countries in future. Shipping of the devices is expected to start in this year’s Q2.
Being NFC-enabled it will be possible to conduct payments at virtually any point of sale which accepts contactless payments. Users will be required to change their digital coins into United States Dollars and then preload any amount onto the Flip device. In their digital wallet users will be able to determine the amount they want to preload as well as when they next want to reload. At first it will only be possible to change Bitcoin (BTC) but other virtual currencies will be supported in days to come.
“When we announced that we were extending the FitPay Platform to cryptocurrencies, our goal was leverage our existing technology to connect cryptocurrencies to the payment ecosystem. That’s exactly what Flip achieves. And it continues to expand our offerings,” Fit Pay’s president and NXT-ID’s chief operating officer, Michael Orlando, said.
IoT and Wearable devices
Late last year Fit Pay had announced the formation of a partnership with Cascade Financial Technology aimed at jointly developing a platform through which holders of virtual currencies could use their digital coins to transact at retail outlets across the globe. Flip is a fulfilment of that goal.
Previously the two companies had partnered in offering prepaid capabilities on IoT and wearable devices that are connected to the payment platform of FitPay. With the product users are able to store money on their device using the FitPay platform which in turn links to Cascade Cloud to allow for contactless payments to be made.