Payments startup Pinn placed first in the retail category at Plug and Play demo day last week for a unique point-of-sale (POS) solution that enables bitcoin and fiat payments without the need for a smartphone or wallet.
The accelerator featured a number of bitcoin and blockchain startups in its FinTech portion, however, Pinn provided evidence of bitcoin’s expanding appeal to other markets.
Pinn was the only retail startup to integrate bitcoin into its solution, but 18-year-old entrepreneur and CEO Will Summerlin sees the technology as one that could give it a long-term advantage over its competitors.
He told CoinDesk:
“Essentially, bitcoin eliminates dealing with international transactions, because it’s a global currency. In an international environment, bitcoin creates a more frictionless payment process, you don’t have to deal with conversion.”
Summerlin indicated that Pinn is currently working with Panasonic to bring its technology to the 2020 Olympic Games to be held in Tokyo, but that such talks are in “early stages”.
He went on to described how bitcoin payments could be ideal for this type of large scale event, where the volume of foreign exchange adds costs for athletes and their sponsors.
Pinn leverages proximity technologies, including Apple’s Bluetooth Low