The Irish creators of discount gift card platform Bitcart have unveiled a QR code and NFC-integrated wristband which allows festival and bar hoppers to pay for food and drink with the cryptocurrency Dash.
Festy is linked to a user’s Dash account, so funds are not stored with Festy at any point. Transactions occur in seconds with Dash’s InstantSend technology and retailers can cash out Dash for fiat currency. No card numbers or private keys are displayed during the purchase process, and users can top up their wristbands at branded ATMs or online.
“Our partnership with Dash makes the perfect payment solution for everyday transactions,” Bitcart CEO Graham de Barra said. “Unlike existing traditional bank payments that take a two-five per cent 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.”
The company believes Festy is the answer to problems plaguing festivals such as high ATM withdrawal fees, expensive middlemen, long lines, and security.
“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,” Dash VP of business development Daniel Diaz said. “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.”
Mr. de Barra said Festy is compatible with every POS system accepting Visa contactless and any mobile phone or computer with NFC tags and offline payments using QR codes.
A prototype will be introduced this week in Cork, Ireland at the Opera incubator where attendees will receive a pre-filled wristband and invitation allowing them to buy food and drink while also letting them tip the musician.
A full public rollout is planned for early fall when Festy can be purchased at www.festypay.com.
For a list of festivals where Festy will be available in a prototype, please see the following link: http://entertainment.ie/festivals/