The app, created by London-based FinTech start-up Plutus, allows holders of cryptocurrencies like Bitcoin and Etherium to spend their digital currency in millions of stores across the globe.
Plutus new app allows cryptocurrencies to be spent contactlessly in stores and its digital exchange platform allows merchants to exchange crypto for pounds and euros.
Danial Daychopan, founder and CEO of Plutus, said: “The launch of the Plutus Tap & Pay app is the beginning of day-to-day crypto usage.
“While people originally saw cryptocurrencies as investments, more and more people want to be able to spend them as they would any other currency”.
Cryptocurrencies are steadily gaining popularity, but the real challenge remains how to convince merchants to accept them.
It’s estimated that fewer than 0.1% of the world’s stores accept Bitcoin because of the difficulties in exchanging it for legacy currencies.
But Plutus’ new idea avoids the need to wait for merchant adoption altogether.
Customers can top up their Plutus app with Bitcoin, Etherium, or even Pluton, and then spend it anywhere.
The unique PlutusDEX platform exchanges the crypto to sterling or euros as soon as the payment is made, and the merchant gets paid immediately without additional fees.
Danial continued: “Our system is the first that is safe for customers, easy for merchants and acceptable to banks.
“It’s a push-only system and purchases are verified using the Bitcoin and Ethereum blockchains, secured by the most powerful distributed computing networks in the world”.
Plutus operates a loyalty scheme whereby customers get up to 3% back on their purchases, paid straight to their account in Pluton – the house digital currency.
Plutus began in 2015, raising over $1 million in a crowdfunding round. The company was voted one of the FinTech start-ups of the year.
Danial Daychopan, added: “The launch of our cryptocurrency app is the start of a cryptocurrency revolution. For the first time ever, crypto investors can use their digital currency online and in shops across the world.
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