Have you ever wasted way too much time at a festival in a queue for an ATM or cursed yourself when you’ve got to the bar and they’re not accepting card? Well, Irish-based Bitcart has the perfect solution for you.
Revealed this week, Bitcart launched an innovative product called Festy. The wristband has NFC integration and a QR code, allowing users to pay for their food and drink at festivals or events without any need for a wallet, phone, or card.
To use the wristband, users will need to have a Dash account. For those who don’t know, Dash is the world’s leading digital currency for payments and currently the 6th most valued cryptocurrency at over $1.3 billion USD. Dashs InstantSend technology allows the digital currency to make instant payments.
Festy is linked directly to a consumers 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.
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.
Targeting the festival market seems to be a wise move for the startup. Cash flow at large scale festivals is always an issue. From an organiser’s perspective, there are high rates to pay for ATMs on site and for attendees, the queues and withdrawal fees are never welcomed.
There’s also the security issue. No matter how well-staffed a festival or large event is, they will always endure a certain amount of theft. With something like Festy in place, people who attend can choose to leave their bank cards and cash at home, minimising their risk.
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 dont have to? And who wants to keep counting cash at the bar and putting change in your pocket? No one.”
As well as payments, the wristband can be programmed for other uses such as ticket verification or identification.
Festy is currently launching at festivals in Ireland and planning to expand across Europe, Asia and the American continents by the end of the year.
You can see a list of festivals happening in Ireland this summer where Festy will be available to try out: http://entertainment.ie/festivals/