The London-based startup, Plutus Tap and Pay, is revolutionizing how people pay with Bitcoin in stores and how they shop online. Bitcoin is mostly accepted now as a “store-of-value” cryptocurrency, not so much as a “transaction-ready” one, especially considering the regulations of banks and governments over the “people’s currency”.
Plutus Tap and Pay is an app that allows users to pay with Bitcoin and Ether in over 40 million stores worldwide, while earning loyalty rewards in Pluton.
Plutus allows you to make contactless payments with different merchants, as long as the merchant has NFC-enabled POS terminal. The conversion between fiat money and Bitcoin is done through the so called P2P trading network – PlutusDEX, which is built on the blockchain of Ethereum.
Once a user purchases something with Ether or Bitcoin, they will receive e “loyalty reward” in the form of Plutons, digital tokens which can be used in a variety of ways (cash back, air miles, help with next purchase, etc).
According to BusinessCloud, the founder of the fintech startup, Danial Daychopan, commented on the innovation as “the beginning of day-to-day crypto usage”. This is very true, since users will not have to wait for merchants to accept Bitcoin, but will directly purchase from them through the Plutus Tap and Pay app.
Plutus is a relatively new project, started In 2015, while raising more than $1 million for the launch.