Startup OneBit is developing a Bitcoin wallet app that lets users pay at any store with contactless mobile payments via the MasterCard PayPass payment network.
OneBit securely converts bitcoin on the fly at market rate into any major local currency using BitPay, and pays the merchant via their NFC payment terminals. OneBit will permit users to pay at any MasterCard PayPass-accepting merchant worldwide, with zero fees.
“The magic that happens underneath” is done by BitPay, which converts the OneBit user’s bitcoin to the local currency of the merchant, and MasterCard, which actually sends the money to the merchant.
OneBit was developed by entrepreneur Toby Hoenisch at a Mastercard Hackathon and, according to Hoenisch, got very positive feedback from MasterCard.
MasterCard is helping OneBit get a partnership with a card issuer, and OneBit is trying to secure funding for industrialization. OneBit is available on an invitation-only basis to selected early-access testers.
Source Article from https://www.freedomsphoenix.com/News/174109-2015-04-09-onebit-use-bitcoin-anywhere-mastercard-paypass-is-accepted.htm?EdNo=001&From=RSS
OneBit: Use Bitcoin Anywhere MasterCard PayPass is Accepted
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