London-based startup Plutus is developing a mobile app that will allow bitcoin payments at contactless payment terminals all over the world. The technology is powered by the Ethereum platform and is destined to work at all NFC-enabled payment terminals in the world, even if the merchant hasn’t enabled Bitcoin as a mode of payment.
Plutus has announced a new application which will enable Bitcoin adopters to — in essence — pay with the cryptocurrency at NFC-enabled merchants all over the world.
According to Plutus, the entire process works by the application converting bitcoin to fiat currency that will be stored on a virtual debit card or ‘token’, within the application. This token can then be used to make payments via NFC, anywhere in the world.
In a press release, Plutus CEO and co-founder Danial Daychopan stated:
The intent of the app is to be practical. Plutus plugs into existing infrastructure to allow contactless payments which reward you on the blockchain. It’s simply a stepping stone towards adoption and a practical use-case that many have been asking for.
A breakdown of the payment and the bitcoin-fiat process sees:
- The user sends bitcoins to an address shown on the Plutus app.
- Verified traders will automatically receive these bitcoins in exchange for an offer in all major fiat.
- Smart contracts on the Ethereum platform authorize the transfer after recognizing the bitcoin deposit to the trader with the equivalent fiat deposit forwarded to the user’s Plutus virtual debit card.
- This balance can be used to pay at all NFC-enabled terminals in the world with merchants receiving payment in their chosen currency.
Additionally, the application also rewards users with its own digital tokens called ‘Plutons’, issued on the ethereum blockchain. Plutons are awarded to users as rebate for using the application. They are in essence reward points, similar to cashbacks or air miles earned while using credit cards. Rewarded Plutons can also be spent at any NFC-enabled merchants with zero fees and free conversion to fiat.
Plutus is primed for launch in 2016, a launch that, according to the company, will see ‘every NFC terminal will be, for all practical purposes, a bitcoin terminal.”
CCN contacted Plutus but a representative for the company wasn’t immediately available at the time of publishing.
Images from Plutus and Shutterstock.