Cryptocurrency continues to make headway in the financial sector as we speak. A lot of positive developments are happening behind the scenes. Fit Pay Inc has announced their FlipTM product. This contactless payment device enables cryptocurrency transactions at retail locations. It is another feather in the cap for cryptocurrency as a whole. The big question is whether or not there will be any demand for such a service.

Up until now, there has been little interest to use Bitcoin or altcoins in the retail sector. More specifically, store owners are concerned about the volatility of these markets. It is evident the Bitcoin price will always be rather volatile. Just last week, the market crashed by nearly 45% in a matter of three days. Thankfully, most retailers cna convert cryptocurrency payments to fiat right away and avoid volatility. However, there is no convenient way to accept such payments for brick-and-mortar locations.

FlipTM Pre-orders Have Begun

With Fit Pay’s new device, that may come to change. The FlipTM accepts contactless payments and cryptocurrency transactions. It was first announced in December how Fit Pay would integrate cryptocurrencies in the near future. That integration didn’t take all that long, by the look of things. FlipTM uses value exchange from cryptocurrency to complete traditional contactless payments. Pre-orders will commence in February of this year, but no exact date has been communicated.

Fit Pay President Michael Orlando comments:

“Flip is a very convenient way to use cryptocurrency value to make retail transactions. When we announced that we were extending the FitPay Platform to cryptocurrencies, our goal was leverage our existing technology to connect cryptocurrencies to the payment ecosystem. That’s exactly what Flip achieves. And it continues to expand our offerings, furthering our mission to fundamentally change the way people pay.”

The big question is how retailers will respond to the FlipTM. While contactless payments are on the rise, dealing with cryptocurrencies is not as interesting to store owners. Whether or not the FlipTM will change all of that, remains highly unlikely. After all, store owners aren’t likely to make any additional infrastructure investments for cryptocurrency. Especially not until this industry is properly regulated. At this rate, that will never happen on a global scale.

Header image courtesy of Shutterstock


About Author

JP Buntinx is a 30-year old FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he is working to achieve the same level of respect in the FinTech sector.

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