Stellar (XLM) Payment Platform Eyes Mass Adoption of Crypto Through Live Events After Successful Trial
A new platform built on Stellar is taking steps to make the digital currency useful in a real-life, practical way as crypto pushes towards mass adoption. After a trial run at the Chicago Food Truck Festival, Stellar Payband announced that their new contactless wristband technology was a success.
During the trial, select guests were given a near field communication (NFC) wristband designed to work with point of sale (POS) merchant management systems. The wristband was connected to a Stellar Lumens wallet, while the POS software was connected to the merchant’s wallet. With the flick of a wrist, customers were able to transfer their Lumens (XLM) directly to the merchant to purchase goods.
The future is now. Mass adoption. @chgofoodtruck @StellarPayband @StellarOrg @MartialArtsCoin @StellarLumens @SwapStellar pic.twitter.com/DdTcz4BGIC
— Stellar Payband (@StellarPayband) September 23, 2018
According to the company’s Reddit account,
“The technology was initially designed for festivals, fairs, conferences and events where wristband technology is far superior to cellphones because of ease of use. Cell phones die…wristbands do not. Going cashless at festivals is the new trend. Why not use the fastest and cheapest method of sending money?”
Festivals are aiming to cut down on cash transactions. Scott Feehan, executive director of the Festival International de Louisiane, a performing arts festival in Lafayette, has already started using wristbands preloaded with the consumer’s money.
“Tickets, logistically, are tough, from getting them out during festival hours, keeping them staffed, managing the cash. It’s a tough process. Some of the vendor booths, they turn the tickets in and weigh them. There’s a ton of challenges with tickets. We’ve been looking for a solution for years.”
Join us on Telegram
Marketed as the world’s first cryptocurrency wristband, Stellar Payband was conceived in 2017 and completed as of July 2018. The development team plans to make the hardware and software available to the public this fall.
Stellar Payband at the Chicago Food Truck Festival transacting drink tickets with Lumens on a wristband, because money should move like email. #massadoption @chgofoodtruck @MartialArtsCoin @SwapStellar @StellarOrg pic.twitter.com/hSlt4mHJw1
— Stellar Payband (@StellarPayband) September 23, 2018
Aside from consumer-to-merchant transfers, Stellar Payband says their technology will enable peer-to-peer XLM transfers as well.
The Chicago Food Truck Festival is home to one of the largest congregations of food trucks in the country, featuring over 55 food trucks and 50,000 attendees.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Check Out the Latest Headlines
Leave A Comment