Shake Enables Bitcoin Payments via NFC

Now there is a new Android system application called Shake, which allows users to tap and pay Bitcoin through NFC (Near Field Communication) technology. On March 19, shakepay.co officially introduced itself to the world.

Shake: New NFC Tap-to-Pay Bitcoin App

Shake will provide some unique features to cryptocurrency users and their smartphones. The platform will make it possible for people to pay with Bitcoin in stores that accept NFC. In addition, the wallet can be filled with digital currency, and users will be provided with a virtual Visa credit card to view their online transactions. Shake payments are not yet available to the public, but in early access, they learned that they are now testing the application.

“We are excited to introduce the first version of Shake, the Shake app that allows any Android phone equipped with NFC to make payments using credit cards at contactless terminals.”

The blog post author said the team will produce an iOS version of the product in mid-April. The app is free to sign up for, and will charge a 1% fee for local transactions on local fiat bitcoin exchanges and a 3% fee for foreign transactions.

The interest rates used on the Shake platform are a continuation of BitPay's bidding rates. Shakepay was founded by Jean Amiouny and Roy Breidi, who wanted to use a simple way for people to pay with Bitcoin using their mobile phones.

The startup says the virtual cards can be used in 80 currencies and at 35 million merchants worldwide that accept Visa credit cards.

Shake competes in the payment market with Plutus, which was launched in November 2015. The Plutus app also allows contactless NFC payments and uses Ethereum smart contracts within the platform. Plutus' services are also under development and have not yet been announced to the public. Once Shake enters the market, there will be two mobile apps on the market, which will give Bitcoin users an opportunity to trade digital currencies with more merchants.

Shake says on its website that it has done a good job of security and that when a store or online service is compromised, users don't need to worry - it's just a matter of getting a new virtual card.

Shake claims it has provided the cryptocurrency community with a solution for using Bitcoin at POS terminals around the world. The question is how many competitors will join the contactless NFC space and whether there will be room for everyone? Shake seems to think so and joins its competitor Plutus in entering this new market space.