Fit Pay, a subsidiary of Nxt-ID (NASDAQ: NXTD), has unveiled Flip, a new contactless payment device that enables Bitcoin (BTC-USD) holders to make contactless purchases at millions of retail locations.
The company will begin shipping initial orders of Flip in February.
Flip’s near field communication (NFC) antenna allows it to transact payments at any retail point of sale location that accepts contactless payments. Flip stores a preloaded amount of U.S. dollars that are exchanged from the user’s existing Bitcoin account.
The device includes a digital wallet that allows the user to set how much value they would like their Flip to hold and when they would like it to reload. Flip does not need to be charged. Users need to first convert cryptocurrency to U.S. Dollars before loading them onto Flip.
“Flip bridges the gap between cryptocurrencies and traditional payments, providing Bitcoin holders the ability to use their value for everyday transactions,” Michael Orlando, COO of NXT-ID and president of Fit Pay, said in a statement.
Flip is currently only available in the U.S. The device can be purchased at FliptoPay.com.