Fit Pay is utilizing the CPI Card Group’s Adaptives contactless payment technology in its Flip payment device. The Flip operates much like any other NFC device, but is noteworthy because it allows owners make retail purchases with Bitcoin and other cryptocurrencies once those currencies have been converted to US dollars and loaded onto the device.
The Flip itself is roughly the size of a poker chip, and can be used at a range of locations in the US that already support contactless transactions. Each Flip is linked to a Fit Pay digital wallet, which allows the owner to transfer and store money from a bank account or various cryptocurrencies, including Bitcoin.
“We’re seeing an evolution in consumers’ relationships with their wallets,” said Jack Jania, CPI Card Group’s VP of Product Management and Innovation. “People went from paying with cash to mostly paying with cards. There’s significant appeal and interest in easy to carry and quick to access payment methods, and payment objects help answer that call.”
By choosing Adaptives, Fit Pay was able to collaborate with CPI Card Group to determine the final form factor of the Flip. Fit Pay first prepped for mass production of the Flip in June of 2018 after the Nxt-ID subsidiary revealed plans for a wearable cryptocurrency platform at the end of the previous year.