Users send Bitcoin to an address displayed on the “Tap & Pay” app and get the equivalent in fiat on a prepaid virtual debit card that can be used to make NFC payments. The Plutus app also rewards users with a proprietary virtual currency, called Plutons, for using the app.
Danial Daychopan, Plutus CEO & Co-Founder, commented: The intent of the app is to be practical. Plutus plugs into existing infrastructure to allow contactless payments which reward you on the the blockchain. It’s simply a stepping stone towards adoption and a practical use-case that many have been asking for.
The app utilises smart contracts generated on the Ethereum blockchain platform to effect payment, and rewards users with Plutons, a digital currency issued on the same blockchain. The company highlights five steps how to make payments through the app:
The app essentially uses Plutons as a rebate for using the Plutus app, which also can be converted to spend at any NFC-enabled store in the same way as Bitcoins. The startup says Plutons have zero fees and free conversion to fiat. With a launch planned for 2016, Plutus believes that the app will permit any NFC terminal globally to be used as a Bitcoin payment terminal.
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