The Irish startup Festy just promoted their intended prototype of a Dash mobile wallet to be used at festivals for instant payments. A token containing an NFC chip and QR code is the add-on to the wristbands I’m familiar with at large festivals and events. The press release talks about avoiding merchant fees banks regularly charge for money withdrawals, the ability to pay at Visa contactless POS terminals and NFC phones. “Merchants accepting payments will never have a chargeback, and there are potentially enormous savings to be made compared to the crippling fees from existing payment solutions. By the time merchants scan the wearable chip, the money transfer has been executed and settled, with no risk of a double charge or fraud. We believe this is the payment processor of the future.” The Festy prototype was unveiled this week at the high tech Opera incubator in Cork, Ireland. It is expected that the prototype will be ready for a full public rollout at the end of Q3, 201 So far the business case in a B2B setting.
What’s in it for the consumer?
According to Festy, the consumer doesn’t have to worry anymore about bringing valuables to a festival. Yet, there are some prerequisites and assumptions be aware of. Irish festivals will be used for the roll-out. Dash has various advantages over Bitcoin and currently is the #6 cryptocurrency worldwide. Does Dash have sufficient users among festies in Ireland this quarter? A benefit could be the addition of tickets added to the bracelet as well to eliminate fraud and age verification for compliance to attendance or consumption of alcoholic beverages. And what is the consequence of a daily rate increase of 10% as currently is the case with Dash? What is the price for a beer on day 1 compared to day 3 of a festival? At least consumers are sure about the price of the products when plastic coins, stamp cards, etc. are used in exchange for a fixed and rather stable exchange rate of let’s say US$ or Euro.
Dash claims to be strong in semi-anonymous payments. So, how to connect the bracelet I just go at the festival’s entrance to a Dash account? Do I have to be online then? Does the token have to be activated somehow? Can it be sent to my home address to do the administrative work there and be a festy at the festival, not bothered by tech stuff? How and when can I add balance from my current account to the Dash Account? I think I still need my smartphone and possibly another token to authorize withdrawals. I was promised not to see long waiting lines anymore to withdraw money from an ATM. What if my bracelet is stolen or broken, just as my regular debit card or wallet can be stolen at a festival? A well-intended introduction of this altcoin application should solve a consumer problem. The customer journey of Festy’s wearable Dash wallet should be clear. Enjoy the festival season with or without Dash!
This article was written by Henk-Jan van der Klis from Capgemini: Capping IT Off and was legally licensed through the NewsCred publisher network. Please direct all licensing questions to firstname.lastname@example.org.