Fit Pay has completed testing of its bitcoin payment device, and plans to start shipping the solution soon, the company has announced.
Dubbed the Flip, the device can be loaded with US dollars exchanged from the user’s Bitcoin account. In appearance it looks almost like a large poker chip, but in function it is essentially a payment card featuring NFC technology for contactless payments; a user just needs to hold it over a payment terminal in order to make a purchase.
Speaking on the Investorideas.com podcast earlier this month, Fit Pay President Michael Orlando suggested that his company would soon make some big announcements, including a launch date for Flip. He has nearly delivered, announcing in a new statement that Fit Pay expects to ship pre-ordered devices “within the coming weeks”, with mass production planned for “soon after” that. Orlando emphasized that Flip is “a brand-new payment device” that thus “requires card network and bank approval,” adding, “We have been working hard to secure those approvals”.
Nevertheless, Fit Pay, whose main business is delivering contactless payment systems in wearable devices, is already selling the Flip to US consumers through its website. The device is priced at $29, with additional account and exchange fees pertaining to its use.