A new application that serves as a point-of-sale system has been launched by a company called BIPS — which is an acronym for Bitcoin Internet Payment System.
This application, available on the Google Play store, works like some of the other solutions we’ve seen out there. The merchant enters in the applicable information, a scannable QR code is generated, and the customer makes the payment by scanning the code and sending the funds. Using the Mt. Gox exchange rate, the latest rate is locked in for about 15 minutes, and funds can be instantly converted back to fiat.
BIPS is touting their 0 percent transaction fee, but the question is, will they be able to attract the merchants who might otherwise consider another digital payments processor?
Time will tell.
To learn more about BIPS, visit their website.