23 July 2017
Download the paper now.

Festy unveils digital currency payments wristband

14 July 2017  |  9269 views  |  1 festy wristband

Combining two of the most hyped trends in fintech, wearables and cryptocurrencies, Irish startup Festy has unveiled a wristband that lets festival-goers make contactless payments in Dash.

User add the Dash currency to their QR code and NFC-integrated wristband and then use it to pay for food and drinks at POS terminals where Visa contactless is accepted as well as on phones with NFC tags.

Festy is linked directly to a consumer’s Dash account so transactions occur within seconds, while merchants have the ability to cash out their Dash for the equivalent fiat currency.

Dash claims to be the world’s leading digital currency for payments and is currently the sixth most valued cryptocurrency at over $1.3 billion. Festy argues that the currency is ideal for festivals, where party-goers often have long waits in line to use ATMs that can charge several euros per withdrawal.

Graham de Barra, CEO, Festy: "Unlike existing traditional bank payments that take a 2-5% fee, there is no cost on receiving Dash for merchants. Merchants accepting payments will never have a chargeback, and there are potentially enormous savings to be made compared to the crippling fees from existing payment solutions."

Comments: (1)

Hitesh Thakkar
Hitesh Thakkar - FIS Payments Software and Services India - India | 14 July, 2017, 11:58

Dash seems to be resolve several existing merchant payments issues. Good business case and business value of CryptoCurrency technology. Merchants may be more beneficeries as they accumulate Dash and use for B2B transactions and may not need so much of Fiat money.

Ofcourse, with ransomware attacks around crypto currency can poise new issues to be arrested.

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Samsung makes wearable payments play

Samsung makes wearable payments play

24 March 2017  |  7629 views  |  2 comments | 9 tweets | 9 linkedin
WaveShades and pay - the latest in contactless wearables

WaveShades and pay - the latest in contactless wearables

01 February 2017  |  8909 views  |  7 comments | 11 tweets | 9 linkedin
EZ-Link blends payments with fitness trackers

EZ-Link blends payments with fitness trackers

20 January 2017  |  7858 views  |  0 comments | 4 tweets | 3 linkedin

Related blogs

Create a blog about this story (membership required)
visit www.worldpaymentsreport.comvisit vasco.com/news/PSD2-compliant-solutionsvisit www.finastra.com

Top topics

Most viewed Most shared
German fintech factory FinLeap raises EUR39 millionGerman fintech factory FinLeap raises EUR3...
13958 views comments | 19 tweets | 15 linkedin
Mastercard to buy AI outfit BrighterionMastercard to buy AI outfit Brighterion
10204 views comments | 14 tweets | 20 linkedin
Barclays rides payments-as-a-service wave with investment in Form3Barclays rides payments-as-a-service wave...
9087 views comments | 16 tweets | 12 linkedin
Mastercard and Scotiabank join Enterprise Ethereum AllianceMastercard and Scotiabank join Enterprise...
7703 views comments | 25 tweets | 16 linkedin
PayPal strikes deals with Chase and CitiPayPal strikes deals with Chase and Citi
7001 views comments | 9 tweets | 5 linkedin

Featured job

Competitive
New York, NY - USA (some flexibility on location)

Find your next job