The Stellar Payband was created with the intentions of initiating faster payment transfers during “festivals, fairs, conferences and events,” as described by the Stellar team. To see how the new product would strive to success, the team decided a test run is necessary and have since committed to it through the Chicago Food Truck Festival.
Turns out, the trial was a complete success and that mass adoption will be of ease. During the actual trial, some of the guests were provided with Stellar Payband, which has an integrated Near Field Communication (NFC) system. This has been done to ensure that the said user’s wristband is connected to the merchant’s POS payment systems. Since the wristband is connected to a Stellar Lumens wallet, all one needs to do is tap their wrist and the funds will immediately be transferred in the XLM tokens.
In regard to the wristband itself, the main necessity that sprung into existence is one dealing with the elimination of cash at said events. According to the Stellar team, less and less people are bringing hard cash on them, which is helpful for vendors given that they are too complicated to manage. In doing so, consumers turn to their cellphones, but the obvious downside with that is “cellphones die […] wristbands do not.”
Real life example of how collecting cash is troublesome at fairs has since been given in a Daily Hodl post, where the Executive Director of Festival International de Louisiane, Scott Feehan shared the following:
“Tickets, logistically, are tough, from getting them out during festival hours, keeping them staffed, managing the cash. […] There’s a ton of challenges with tickets. We’ve been looking for a solution for years.”
Background Information On Stellar Payband
Stellar Payband is proclaimed as the world’s first crypto wristbands that permits contactless payments using NFC and XLM tokens. As previously mentioned, it contains a point of sale system, which is used by merchants and accepts payments in XLM. The perks of the band appear to be a win for all, as merchants will witness reduced chances of fraudulent money, while consumers can reap the benefits of lowered transaction fees and faster services.
What are your thoughts on Stellar’s new endeavor? Will this help XLM’s price skyrocket or do you think it will not be influenced in anyway whatsoever? Let us know right down below!