Developing new Bitcoin transfer technology that will use near field communication, OneBit, a Bitcoin app will soon allow making payments with the use of digital currency at credit card accepting merchants. The new Bitcoin transfer technology will use near field communication or NFC which is fast emerging as a revolutionary solution.
OneBit informs that NFC enables people to pay using their smartphones or other devices and the app allows customers to use smartphones for Bitcoin payments. The new technology according to the firm is expected to incentivize more users to adopt the digital currency which are essential for bright prospects.
In an announcement, the company says that the product is now in its alpha stage of testing, which will allow testers around the globe to ensure the technology works properly. Though no date has been fixed for the official launch, OneBit has announced the app is expected to go into closed beta soon for testing.
OneBit has been quite aggressive towards its approach to develop the new Bitcoin transfer technology that will use near field communication for that it announced the prototype that enabled people to pay with virtual currency at any MasterCard PayPass terminal. It enables users make Bitcoin payments at any NFC compatible credit card accepting merchant.
Nonetheless, as OneBit has been working in partnership with MasterCard and other firms to develop the technology, the partnerships have given it the much needed experience. Also, as the company participated in a MasterCard-sponsored hackathon, things panned out well for it as it gave a lot of exposure and experience as well.
Easy Bitcoin Transfer for Customers
Additionally, the entire episode helped OneBit raise funding rounds for the app development and further improvements if needed. It appears crystal clear for OneBit CEO Toby Hoenisch that though he has always been interested in Bitcoin, he didn’t have an exact business model until he took part in the hackathon.
Interesting, OneBit makes it clear that it has not partnered with the credit card issuer when it says that it does not have an official partnership with Visa or MasterCard. The company adds that it does not need any such partnership as the risk would be that they force all of their thousands of issuing banks to stop doing business with Bitcoin companies.
Hoenisch admits that the issuing banks are quite independent, so his company does not see this happening.
To contact the reporter of this story: Deepak Tiwari at firstname.lastname@example.org