A new product that is built on the Stellar platform could revolutionize payments at live events. After a successful test run by Stellar Payband, a wristband for contactless payments, the project is ready for the spotlight.
Stellar Payband tested its new contactless bracelet payment technology at the Chicago Food Truck Festival, which according to the company was a huge success. Several guests received a Near Field Communication (NFC) bracelet designed to work with a point-of-sale (POS) merchant payment system. The bracelet was directly connected to a Stellar wallet and the POS software.
In order for festival attendees to pay for their sausage or beer, they simply had to wear their bracelet and have it in close proximity to the merchant’s POS. If the wallet had sufficient funds, the sale amount was quickly and easily transferred to the merchant and the bill was paid within seconds.
According to Stellar Payband on Reddit:
“The technology was initially designed for festivals, fairs, conferences and events where wristband technology is far superior to cellphones because of ease of use. Cell phones die…wristbands do not. Going cashless at festivals is the new trend. Why not use the fastest and cheapest method of sending money?”
Wristband development started last year and was completed in July 2018. After the successful test run, the development team plans to unveil the wristband to the public in a few weeks.
Although this idea is not new, the company’s innovation shows that cryptocurrencies are on the rise and are making their way into everyday purchases. It will be interesting to see what other products will emerge from the cryptocurrency industry.
Stellar, the No. 6 cryptocurrency based on market cap, is currently up 2% to $0.25.