Irish tech startup presents first ever wearable dash payment wristband
Creators of Irish-based discount gift card platform Bitcart announced in a press release CoinReport received the launch of an innovative gadget called Festy, an NFC- and QR code-integrated wristband that lets bar and festival goers pay for drinks and food in digital currency dash, all without a credit card, wallet, or a cell phone.
Festy is connected directly to a user’s dash account – which means funds are not kept on the Festy platform and transactions for goods take place within seconds, while the merchants are able to cash out their dash for the equivalent fiat currency.
Dash is currently the 6th most valued digital currency at over $1.3 billion. Its InstantSend technology enables it to make instant payments. In the next update, said the release we received, dash will have the ability to process half a million transactions with extremely low fees, roughly ten cents per transaction. With no private keys or card numbers displayed while buying, Festy ascertains maximum privacy, and users can top-up their wristbands at branded ATMs, or make simple transfers online.
“Our partnership with Dash makes the perfect payment solution for everyday transactions,” said Bitcart CEO Graham de Barra. “Unlike existing traditional bank payments that take a 2-5% 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. We believe this is the payment processor of the future.”
Festivals, at present, suffer from a widespread cash flow issue. Standard ATMs usually charge a high rate of $3-5 per withdrawal at festivals or abroad, and the middlemen providing the machine need big payment. Additionally, users can wait in line for up to two hours just to withdraw their money at large festivals. These events also witness a large number of loss and theft cases, missing a protected place to keep your wallet, further showing that cash is a deficient means of transaction. Festy, said the release, makes sure that your money stays securely attached to you, assists in producing steady cash flows between the consumer and the merchant, and preserves a positive festival reputation.
“Festy is truly a great idea; it’s a very simple way of normalizing digital currency, particularly for millennials,” said dash business development VP Daniel Diaz.
“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? 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.”
de Barra said, “Festy’s multi-functional wristband is compatible with every Point-of-Sale system where Visa contactless is accepted, as well as on any mobile phone or computer with NFC tags and offline payments using QR codes. This versatility is adaptable to any environment including fields, beaches, camping sites as well as bars, restaurants and conferences. Festy is an affordable, scalable, and secure payment solution, particularly for millennials and Gen Z who don’t want to carry or worry about their wallet, handbag, cash or backpack at every moment during their social calendar.”
A list of festivals where Festy will be available in a prototype can be seen here.
Festy image – Courtesy of Bitcart via PR firm Wachsman PR
Dash logo – Courtesy of dash via Wachsman PR