Plutus is about to launch a Bitcoin payment app to enable contactless Bitcoin payments

London startup Plutus is developing a mobile app that will allow users to pay with Bitcoin at contactless payment terminals. The technology is based on the Ethereum platform and can be used to pay with Bitcoin as long as there is an NFC-enabled payment terminal, even if the merchant does not accept Bitcoin as a payment method.

According to Plutus, the process is simple. First, through the application, Bitcoin is converted into legal currency, which will be stored in a virtual debit card or converted into a "token" inside the application. Users can use this token to pay through NFC. The specific process of payment and conversion of Bitcoin into legal currency is as follows:

1. The user sends Bitcoin to the address displayed on the app

2. Bitcoin is automatically sent to verified traders on the decentralized exchange platform and converted into US dollars, euros, etc. Users can choose to exchange for the appropriate legal currency based on the region where the merchant is located.

3. The smart contract (DEX) running on the Ethereum platform confirms that the trader has received the Bitcoin, and then the corresponding amount of fiat currency will be automatically sent to the user's Plutus virtual debit card account.

4. Finally, users can use the money to pay at all NFC terminals.

Danial Daychopan, CEO and co-founder of Plutus, said:

We developed this app with the goal of being "practical". Plutus plugs into the existing infrastructure, enables contactless payments, and users are rewarded. This app is a small step towards Bitcoin entering the mainstream market and is a practical use case that people have been calling for.

The app also rewards users with tokens called "Plutons" (this is what Danial Daychopan was referring to above), which are Plutus' own tokens issued through the Ethereum blockchain. Plutons are a reward from Plutus for using its app. Plutons are essentially points rewards, similar to earning cashbacks or airline miles with a credit card. Users can use Plutos to spend at NFC-enabled merchants, and according to the company, there is zero processing fee for exchanging for fiat currency.

Plutus said that they will launch the app soon, and when it does, "every NFC terminal will become a Bitcoin terminal."

The Plutus team, whose members have extensive experience in banking, financial markets, and blockchain technology, conducted a case study on expanding Bitcoin adoption through global NFC infrastructure, concluding that by 2016 there will be more than one billion NFC phones, 166 million NFC users, and 43 million NFC points of sale worldwide.

Original article: https://www.cryptocoinsnews.com/plutus-mobile-app-enables-wide-bitcoin-acceptance/
Author: Samburaj Das
Translator: printemps
Editor: printemps
Source (translation): Babbitt Information (http://www.8btc.com/plutus-bitcoin-app)