Cryptocurrencies are enjoying a groundbreaking year. The market is growing in popularity, attracting investors and sending crypto values to ever new heights. However, the market currently lacks the technology necessary for everyday use in real-world scenarios.
Bitcart is looking to rectify this.
The Irish startup has developed the world’s first Dash cryptocurrency payment wristband. Named Festy, the device allows the wearer to pay for products with the Dash cryptocurrency. Users can add funds to their wrist-mounted “wallet” at a Festy-branded ATM or using an online transfer service.
Although Dash is a cryptocurrency, Festy is compatible with any point-of-sale system that accept Visa contactless payments. It can also be used to make payments on any phone or computer using near field communication (NFC) tags or offline payments via quick response (QR) codes. The wristband is designed primarily for bar and festival hoppers and can also be used to store tickets, which could play a role in eliminating fraud or verifying ages of compliance at events.
For customers, Festy offers several advantages over traditional credit cards. Payments made via the wearable are nearly immediate and a card number or private key is never displayed.
Vendors benefit from the system, too. “Our partnership with Dash makes the perfect payment solution for everyday transactions,” Bitcart CEO Graham de Barra told Bankless Times. “Unlike existing traditional bank payments that take a two to five percent fee, there is no cost on receiving Dash for merchants.”
Cryptocurrencies are built on blockchain technology that has the potential to revolutionize transactions worldwide. They boast increased transparency and security, but they are unlikely to go mainstream without easy to use tech like Festy.
Thankfully, Bitcart is just one company working hard to help cryptocurrencies break into the mainstream. A number of Bitcoin debit cards are making it easier to make payments via the currency, and in nations like Japan, bitcoin is on track to become a commonly accepted form of payment.
Disclosure: Several members of the Futurism team, including the editors of this piece, are personal investors in a number of cryptocurrency markets. Their personal investment perspectives have no impact on editorial content.