Fit Pay, Inc., a wholly owned subsidiary of NXT-ID, Inc. (NASDAQ), announced on Thursday it is now accepting pre-orders for Flip, a new contactless payment device that will enable cryptocurrency holders to use the value of their currency to make purchases at millions of retail locations. According to Fit Pay, the new device was announced earlier this month. It uses value exchanged from cryptocurrency to make traditional payment transactions.
“Flip’s near field communication (NFC) antenna allows it to transact payments at any retail point of sale location that accepts contactless payments. Flip will store a preloaded amount of U.S. dollars that are exchanged from the user’s existing cryptocurrency account. It includes a digital wallet that allows the user to set how much value they would like their Flip to hold and when they would like it to reload. Flip does not need to be charged. Initially, Flip will accept value exchanged from Bitcoin and will potentially expand to other cryptocurrencies in the future.”
Michael Orlando, COO of NXT-ID and President of Fit Pay, Inc., stated:
“Flip represents an exciting expansion of the FitPay Payment Platform by connecting cryptocurrencies to the payment ecosystem. We founded Fit Pay to fundamentally change the payment experience, and making contactless payments with cryptocurrency is a big step toward that goal. Flip’s coin-shaped form factor and distinctive coloring are definitely attention grabbing. Early adopters who are already into Bitcoin, can now pre-order Flip and be among the first to make a contactless payment with their cryptocurrency.”
Gino Pereira, CEO of NXT-ID, also commented:
“NXT-ID’s expansion into the cryptocurrency space is a natural extension of our leading-edge fintech capabilities. In addition to helping make cryptocurrencies more usable on a daily basis, we are also pursuing applications for blockchain technology in our core payment and healthcare businesses.”
Fit Pay then added the retail price for Flip is $29 with standard shipping included. There are account and exchange fees associated with maintaining a Flip digit wallet. Initial deliveries expected in the second quarter of 2018.