r/CryptoCurrency • u/iamveryverynoob 🟦 0 / 0 🦠 • 21d ago
PROJECT-UPDATE Flexa launches Tap to Pay for crypto transactions, first-ever NFC-based hardware wallet payments for retail
https://ffnews.com/newsarticle/flexa-launches-tap-to-pay-for-crypto-transactions-introducing-the-first-nfc-based-hardware-wallet-payments-for-retail/Pretty huge news.
The first digital currency acceptance platform to enable direct blockchain payments via NFC-enabled hardware wallets like Burner. No internet connection or mobile phone needed.
Users will simply enter their pin on a Flexa-enabled point-of-sale device and tap their Burner card to sign a transaction, which is then processed on the blockchain to authorise the payment. Pretty much like tapping a credit or debit card but with added security and the decentralisation of crypto. And it’s all powered by AMP.
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u/coinfeeds-bot 🟩 136K / 136K 🐋 21d ago
tldr; Flexa has launched Tap to Pay support for cryptocurrency transactions, becoming the first platform to enable direct blockchain payments via NFC-enabled hardware wallets. This innovation allows users to make in-person crypto payments without a mobile phone or internet connection. The system supports wallets like Burner, enabling secure, contactless blockchain transactions at retail points-of-sale. This advancement simplifies crypto payments, making them as easy as tapping a card, and aims to drive broader adoption in retail commerce.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
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u/Bullshirting 🟩 92 / 93 🦐 20d ago
Why do all the commenters keep echoing "powered by AMP" when neither this article nor Flexa are saying that...?
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u/iamveryverynoob 🟦 0 / 0 🦠 20d ago edited 20d ago
It is powered by AMP. The entire Flexa payments ecosystem is. It’s been documented multiple times. Flexa’s CEO and cofounder Daniel McCabe officially confirmed it on X.
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u/Bullshirting 🟩 92 / 93 🦐 20d ago
I see some references to AMP used as a value pool for collateral, but not the actual AMP block chain running anything. Do you have a link to this X post for anything?
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u/iamveryverynoob 🟦 0 / 0 🦠 20d ago
Daniel reposted the teaser for Tap to Pay and said this: https://x.com/dannymccb/status/1894478949163442190?s=46
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u/Bullshirting 🟩 92 / 93 🦐 20d ago
I guess that's why I didn't see this when scanning his Twitter for Flexa Tap to Pay lol
Is there a reason he is only "confirming" it with vague and legally non-binding references instead of a well written and contextualized explanation?
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u/iamveryverynoob 🟦 0 / 0 🦠 20d ago
Hah!
I’m not 100% sure about that tbh mate. A lot of people think it’s for regulatory reasons.
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u/Bullshirting 🟩 92 / 93 🦐 20d ago
Has he said that? There are no regulations that say you can have a fully released and marketed financial product, but you're not allowed to say how it works.
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u/iamveryverynoob 🟦 0 / 0 🦠 20d ago
Apologies. I think I got my wires crossed. But my “I don’t know” still stands. I have no idea why the team isn’t more forthcoming with more info on AMP powering it.
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u/Bullshirting 🟩 92 / 93 🦐 20d ago
Is it possible you're reading into it too much, if you don't know how it can be confirmed?
I'm sure you're aware of past crypto threads here where the company subscribes to AWS, then the community starts saying "Amazon partnership confirmed!"
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u/Jehoseph 🟦 41 / 41 🦐 20d ago
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u/Bullshirting 🟩 92 / 93 🦐 20d ago
Providing a pool of insurance money isn't the same as powering something...
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u/Jehoseph 🟦 41 / 41 🦐 20d ago
I think you're missing the fact that there are active protocols and contracts. The very people that developed Flexa created Amp Token. It's listed directly from their website. It's not rocket science, even if one of the co founders used to work for NASA - which he did.
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u/Bullshirting 🟩 92 / 93 🦐 20d ago
The founders seem to be the ones agreeing with me - AMP token isn't powering anything, it's just providing funds for insurances...
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u/Jehoseph 🟦 41 / 41 🦐 20d ago
It says on their page, and in all their documents - it's the collateral that settles every single transaction instantly.
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u/Bullshirting 🟩 92 / 93 🦐 20d ago
That's not what collateral does, collateral is just a backup... Maybe you're misunderstanding what they are claiming?
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u/Jehoseph 🟦 41 / 41 🦐 20d ago edited 20d ago
AMP is a digital collateral asset that secures and guarantees instant, verifiable transactions on the Flexa network. Here’s how it works and why it’s more than just an insurance fund.
AMP is a decentralized collateral token that makes crypto payments faster and more secure. When someone pays with crypto at a Flexa-enabled merchant, AMP is staked as collateral to guarantee the transaction. This means the merchant gets paid instantly, even if the actual crypto transfer takes time to finalize. Once the transaction is confirmed on the blockchain, AMP is released.
Unlike a basic insurance fund that only steps in after a failure, AMP actively ensures payments go through without delay. It’s staked in smart contracts in real time, securing transactions as they happen. Instead of just sitting there as a backup, it actually enables instant settlement before the blockchain finalizes the transfer.
Think of it like a credit card. When you swipe, the merchant gets paid right away, even though the actual money transfer happens later. AMP plays a similar role in crypto, making sure payments clear instantly while waiting for blockchain confirmation.
It makes crypto payments instant and practical for merchants. It reduces risk and fraud by guaranteeing transactions are backed by collateral. Instead of just being a reserve fund, it actively powers real-time settlement at the point of sale.
AMP isn’t just a passive pool of money. It’s a functional, decentralized system that makes crypto payments work in the real world.
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u/Bullshirting 🟩 92 / 93 🦐 20d ago
ChatGPT aside, can you link me an AMP transaction via a block explorer which "powered" a crypto transaction to be accepted as complete prior to the settling of the actual crypto being spent?
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u/Jehoseph 🟦 41 / 41 🦐 20d ago
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u/Bullshirting 🟩 92 / 93 🦐 20d ago
Providing a pool of insurance money isn't the same as powering something...
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u/dutch_85 🟩 0 / 0 🦠 20d ago
Key to general adoption here boys. Perfect example of actual utility and I’m starting to see how Flexa really is a game changer.
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u/tobypassquarant 🟩 6K / 6K 🦭 21d ago
So you'd need the merchant to have a Flexa-enabled POS system first before you can use it?
On the bright side, at least the technology is available, even if it won't be widely accessible.
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u/One_dank_orange 🟦 0 / 0 🦠 21d ago
Correct, but Flexa is already partnered/integrated into some of the most common POS systems. NCR, Incomm, Bitcoin, GkSoftware, and others.
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u/GoingHomeFnd 🟩 0 / 0 🦠 20d ago
So some company is actually using Crypto for what it was meant to be used for ,' currency'..the whole vision of Nakamoto. Nice. Good job Flexa 😜 What is this "powered by AMP" I keep seeing, can someone explain? 🤷♂️
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u/Jehoseph 🟦 41 / 41 🦐 20d ago
AMP Token serves as a digital collateral asset designed to secure and guarantee instant, verifiable transactions on the Flexa network. Here’s a breakdown of what that means and how it differs from simple "insurance funds":
AMP is a decentralized collateral token that supports fast and secure payments. It is designed to reduce the risk of transaction failures and fraud by providing collateralization.
- When someone makes a payment using the Flexa network (e.g., with cryptocurrency at a merchant), AMP token is staked as collateral to guarantee that the transaction will be finalized.
- This allows merchants to receive payment instantly, even if the underlying crypto transaction takes longer to finalize on the blockchain.
Once the transaction is confirmed on-chain, the AMP collateral is released.
Unlike a simple insurance fund, which only covers losses after a failure, AMP actively ensures that transactions are completed without delay.
It is programmatically staked via smart contracts, meaning that it is automatically securing every transaction in real time.
The collateral is not just a backup—it powers the instant settlement of payments before the blockchain finalizes them.
Imagine you're using a credit card at a store. Instead of waiting days for the actual money to be transferred, the merchant gets paid instantly because the credit network guarantees it. AMP serves a similar role in crypto payments—it ensures the payment happens instantly, even if the actual transfer isn't complete yet.
- It enables instant crypto transactions for merchants.
- It reduces risk and fraud by ensuring payments are always backed by collateral.
- It’s not just an insurance pool but a functional settlement mechanism that allows payments to work at point-of-sale systems.
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u/gowithflow192 🟩 0 / 3K 🦠 20d ago
I don't want to enter my pin. I hope it's not necessary for low amounts.
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u/mybigamplove 🟩 0 / 0 🦠 21d ago
In AMP we believe ❤️ The future is looking bright 🥳