Here at BitPay, we love to see the innovative ways our customers are using our payment technology. From payments for food, clothes, and even cars to gaming subscriptions and in-game micro purchases, we believe that every merchant in the world can benefit from accepting bitcoin payments.
This week, we heard that an entrepreneur in Hanover, Germany, has created a working prototype of a 3D-printed bitcoin payment terminal called PEY. The PEY terminal uses iBeacon technology, so that users who have the PEY app installed on their phone will receive a push notification letting them know that the retailer is happy to accept bitcoin payments. With one swipe from their home screen, the PEY app will load, ready to complete the transaction. The PEY terminal transmits payment information via NFC, or the user can scan the QR code generated by BitPay to complete the transaction quickly and easily.
A dozen retailers in Hanover have already started accepting bitcoin via PEY and BitPay, including a bakery, supermarket, travel agency, hair salon, cafe, restaurant, burger bar, and a pub. A further 38 outlets have agreed to start accepting bitcoin and will soon receive their own PEY terminals.
PEY is the brainchild of Ricardo Ferrer Rivero, an entrepreneur, gadget geek, and co-founder of co-working space Edelstall. He created PEY to make it even easier for customers to pay via bitcoin. The PEY app communicates directly with the PEY terminal, meaning that customers don't have to search through pages of installed apps to find their bitcoin wallet. He is delighted that so many retailers have signed up so far, and would love for Hanover to become a leading city in the growth and expansion of bitcoin.
The prototype version of the PEY terminal uses an android phone as its processor, but Ricardo hopes to be able to replace this with a Raspberry Pi in the next version, in order to make the technology as widely available as possible. The PEY app is now available in the app store, and more information on the project is available on their website.