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Plutus, a London-based startup, has announced the development of a new NFC-enabled mobile app that will enable users to send bitcoin payments to more than 32 million merchants worldwide, according to a press release.
The company said the app will use the blockchain to enable users to convert bitcoin to fiat currency and then load those funds into a virtual debit account that can be used at stores with contactless payment systems.
"The intent of the app is to be practical. Plutus plugs into existing infrastructure to allow contactless payments which reward you on the blockchain," said Danial Daychopan, CEO and co-founder of Plutus. "It's simply a stepping stone towards adoption and a practical use-case that many have been asking for."
The app is designed to run on the Ethereum blockchain platform. The smart contact on the platform recognizes when the trader receives the bitcoins and releases a fiat deposit to the user's Plutus debit account balance.
In addition, the app will also reward users with "Plutons" on the blockchain. These tokens act as rewards that can be spent at any NFC-enabled store.
Plutus will launch in 2016, according to the announcement.