FitPay, Inc., a wholly owned subsidiary of NXT-ID, Inc. and technology platform that adds contactless payment capabilities to wearable and IoT devices, announced on Friday it will begin shipping initial orders of Flip, which is described as a new contactless payment device that enables Bitcoin holders to use the value of their currency to make contactless purchases at millions of retail locations. While sharing details about the device, FitPay stated:
“Flip’s near field communication (NFC) antenna allows it to transact payments at any retail point of sale location that accepts contactless payments. Flip stores a preloaded amount of U.S. dollars that are exchanged from the user’s existing Bitcoin account. Flip 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. Non-fiat funds (i.e. cryptocurrency) must first be converted to U.S. Dollars before those funds are loaded onto Flip.”
Confirmed pre-orders of Flip will begin shipping on February 13th. The retail price for Flip is $29. There are account and exchange fees associated with maintaining a Flip digital wallet. The device is currently only available in the U.S.