OneBit: Pay with Bitcoin Using NFC at Any Credit Card Accepting Merchant
OneBit, a bitcoin wallet app that enables its users to pay with bitcoin at any credit card accepting store, has entered the alpha stage of development. OneBit announced that users are testing the application worldwide, and that it will go into closed beta very soon. OneBit began as an NFC payment tool for MasterCard’s PayPass, which would have been used to pay with bitcoin at any MasterCard accepting stores. The application was developed at a Mastercard Hackathon by entrepreneur and OneBit CEO Toby Hoenisch, who received positive feedback from the credit card processor. Hoenisch said: “I....
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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....
OneBit is an app for smartphones which promises to revolutionize the Bitcoin market in the near future. As previously reported here, the app will allow its users to use their Bitcoin anywhere that Mastercard PayPass is accepted. PayPass is the NFC (near-field communication) version of Mastercard, which doesn't require the user to swipe the card. There are security risks associated with NFC and this is discussed, among other things, in the following interview. CCN writer P. H. Madore caught up with OneBit CEO Toby Hoenisch not long ago and discussed the future of Bitcoin, the effects of....
Self-described serial entrepreneur Toby Hoenisch has been making the rounds this morning, promoting his new start-up, OneBit, which proclaims a radically new paradigm for Bitcoin: the ability to spend it anywhere MasterCard's PayPass terminals are located. PayPass is MasterCard's attempt to get everyday consumers to stop using cash, as their website says: You get better record keeping of all your purchases then using cash for those small everyday items. BitPay is the Secret Sauce. However people in the Bitcoin world may feel about PayPass, the underlying technology of OneBit will be its....
One of the biggest problems for bitcoin exchanges and their customers is often making the exchange quick and easy. Exchanges like Canadian firm Virtex made the decision a long time ago not to accept credit cards. Their biggest concern? Fraud, in the form of chargebacks. In a credit card chargeback, a credit-card paying customer asks the issuing bank (the bank that gave them the card) to reverse a transaction made with a merchant. This can happen for a variety of legitimate reasons. A merchant may not have delivered the promised goods or service, or it may have been faulty. In some cases, a....
On the heels of the recent Dish Network announcement to begin accepting bitcoin payments, we saw the same clueless chorus of naysayers and payment newbies come out claiming that Dish doesn't really accept bitcoin because they actually end up with US dollars. It would be just as ridiculous to say that a hotel in Barbados doesn't accept US dollars because, after the VISA credit card transaction, the hotel ends up with Barbados dollars. Dish Network selected bitcoin payment processor Coinbase to manage the foreign exchange conversion risk in the same way that other international merchants....