Guess what? Soon you will be able to pay for anything with Ether, regardless of whether or not the merchant accepts it!
Plutus, a startup based in London, has utilized NFC (Near Field Communication) technology to make Ether and Bitcoin payments as easy as any Apple or Android pay. Merchants that utilize a contactless card terminal and accept contactless payments such as Venmo, Apple or Android pay, will also be able to accept the Plutus.it app.
Plutus has been going through a crowdsale for Plutons, an Ethereum token, which has been said to be similar to frequent flier miles. The crowdsale began on June 21st and ends June 30th. At the time of this writing, Plutus has already raised more than half a million in Ether and while 850,000 of that goes toward development, the rest goes toward those “frequent flier miles”, otherwise known as rebates.
The Plutus exchange is due to be out by autumn, 2016 while the app will be available for use in the winter.
Here’s how it works:
- You send Bitcoin, Ether or Plutons to an address displayed on the Plutus app.
- The coins are forwarded automatically to verified traders on PlutusDEX, in exchange for an offer in USD, EUR, etc.
- The smart contact (DEX) running on the Ethereum platform recognizes that the traders have received your Ether, and their equivalent fiat deposit, which is in escrow, is released to your Plutus virtual debit card balance automatically.
4. You can now use your Plutus balance to pay at any NFC-enabled POS terminal in the world.
According to Filip Marinka, CCO of Plutus:
“Our philosophy is that bitcoin/Ethereum entrepreneurs, miners, holders, traders, freelancers, remitttance recipients and others, shouldn’t have to wait for merchants to create new infrastructure.”
In the following prototype video, Plutus uses a “centralized exchange” but they aim to utilize a decentralized exchange for the actual app product, which stated by Martinka, “will be a smart contract, and liquidity will be provided by the user themselves.”