Startup in Germany has developed a working bitcoin point-of-sale (POS) terminal called PEY. The prototype version of the PEY terminal uses an android phone as its processor with a 3D-printed case. PEY uses iBeacon technology so that users who have the app installed on their smartphone will receive a push notification. The PEY app communicates directly with the PEY terminal, it helps users avoid a search through various pages of apps to find their bitcoin wallet. The terminal software processes payments via payments processor BitPay.
The app uses NFC (Near Field Communication) to transmit the information, if the phone doesn’t have NFC, then users can simply scan the QR code generated by BitPay in order to complete the transaction.
A dozen retailers in Hanover have already started accepting bitcoin via PEY and BitPay, including a bakery, supermarket, travel agency, hair salon, café, restaurant, burger bar, and a pub.