Flip: FitPay’s Contactless Crypto Payments Exchange Chip?
Flip, found online at FlipToPay.com, lets you make contactless payments with bitcoin. Here’s our review.
What Is Flip?
Flip is a physical device that can be tapped on any point of sale (POS) machine – just like a contactless credit card.
Flip was created by Fit Pay, Inc. It’s also a subsidiary of NXT-ID (NASDAQ: NXTD). Using the FitPay Payment Platform, Flip allows cryptocurrency holders to easily exchange their cryptocurrency for US dollars, then store that value on a contactless payment device – the Flip coin.
The coin is available for purchase online today for $29.
How FitPay's Contactless Crypto Payments Exchange Chip Works
Here’s the basic process used to pay with Flip:
Flip exchanges bitcoin into USD, then adds that value to a digital wallet. Once the US Dollars are in your digital wallet, they’re available to be spent.
Your value is loaded onto the Flip Chip, a unique contactless payment device. You control how much your Flip holds and when it reloads.
Tap To Pay:
Flip is contactless – just like contactless credit cards, you tap the chip against an ordinary POS machine to make a payment. Flip works anywhere contactless payment cards are accepted. Like contactless cards, Flip uses near field communication (NFC).
Initially, Flip will only accept bitcoin as a supported cryptocurrency. However, the company plans to expand to other cryptocurrencies in the future.
Right now, Flip is only available in the United States.
If you lose your Flip chip, then you can login to your Flip app and suspend your account. When your account is suspended, it won’t be available to make new payments.
Flip is priced at $29 USD.
You can pre-order Flip online today at FlipToPay.com. You’ll need to enter payment information. However, your payment info won’t be processed until Flip actually ships.
Flip also charges exchange fees and ongoing subscription fees.
You’ll pay $4.99 per month to maintain your Flip account. You’ll also pay $4.99 every time you add value to your Flip device (the chip). There’s also a bitcoin to USD exchange fee of 5%.
Aside from these fees, you won’t pay a transaction fee when making a purchase. It’s treated like a normal credit or debit card transaction (although the merchant obviously pays a fee).
Oddly enough, you can’t buy Flip with bitcoin. The company’s website does not accept BTC for payments at this time.
Who’s Behind Flip?
Flip was created by Fit Pay Inc., a payment technology service provider and a subsidiary of NXT-ID, a publicly traded company on the NASDAQ (NXTD).
Flip uses Fit Pay’s FitPay Payment Platform to process transactions. That platform claims to be “the first successful commercialization of a tokenized contactless payment capability by a third -party provider.” Thanks to the payment platform, a wide range of IoTs and wearables can be used to make contactless payments.
The Flip team itself is led by payment industry experts with 50 years of combined fintech experience as well as payment platform and identity authentication expertise.
Flip is a contactless payment “chip” that allows you to spend bitcoin at online and offline merchants. You stock your Flip chip with bitcoin. Flip transfers the money into USD. Then, you can tap the chip anywhere a contactless credit card is accepted.
To learn more about Flip and how it works, visit online today at FlipToPay.com. The chip is currently available for pre-orders.