Irish startup introduces first ever wearable Dash payment wristband
Creators of Bitcart, an Irish-based discount gift card platform, have today announced the launch of a landmark product called Festy, a QR code and NFC integrated wristband that allows festival and bar goers to pay for food and drinks using Dash, all without a wallet, a cell phone, or credit card.
Festy is linked directly to a consumer’s Dash account, so funds are not stored on the Festy platform and transactions for goods occur within seconds, while the merchants have the ability to cash out their Dash for the equivalent fiat currency. Dash is the world’s leading digital currency for payments and currently the 6th most valued cryptocurrency at over $1.3 billion USD. Dash’s InstantSend technology allows the digital currency to make instant payments.
In the next update, Dash will be able to process half a million transactions with extremely low fees, roughly ten cents per transaction. With no card numbers or private keys displayed while making purchases, Festy ensures maximum privacy, and users can top-up their wristbands at branded ATMs, or make simple transfers online.
Bitcart CEO Graham de Barra said:“Our partnership with Dash makes the perfect payment solution for everyday transactions. 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.” “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.”
Festivals are currently suffering from an extensive cash flow issue. Standard ATMs typically charge a high rate of $3-5 per withdrawal at festivals or abroad, and the middlemen supplying the machine require high compensation. On top of that, users can wait in line for up to two hours just to withdrawal their money at large festivals. These events also see a great amount of loss and theft, lacking a secure place to keep your wallet, further proving that cash is an insufficient means of transaction. Festy ensures that your money stays firmly clasped to you, helps create steady cash flows between the merchant and the consumer, and maintains a positive festival reputation.
VP of Business Development for Dash Daniel Diaz said:“Festy is truly a great idea; it’s a very simple way of normalizing digital currency, particularly for millennials. 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.”