Festy is an Irish fintech company that builds contactless payments technologies and ID verification systems for pubs, restaurants, festivals, concerts and conferences that are revolutionising the payments industry as we know it. Our promise is that we can axe transaction costs for merchants by more than 50% creating a commercially viable alternative to traditional payment processors that are financially crippling businesses by incurring extortionate fees upon them.
The underlying technology that we use is a unification of NFC (the exact same small chip that makes ordinary contactless card transactions possible) and blockchain (the technology that gives rise to decentralised digital currencies like Bitcoin, Ethereum and Dash which cut out middlemen allowing for cheaper and more transparent financial transactions between two parties) so that businesses can benefit from the fast transaction speeds of contactless payments in a much more cost effective way.
Functions of Festy
Festy is a user-friendly and versatile payments platform by supporting multiple use cases for consumers, event organisers and merchants. Our team comprises of leading software engineers and business developers with backgrounds at Google, Amazon, EA Games and several other globally recognised companies that all believe in one overarching principle: “If you can conceive of it, then it can be done. Anything is possible.”
Contactless Crypto Payments:
Contactless Crypto Payments allow consumers to make instant payments at participating locations. Users can simply top-up their Festy “wallet” online using our mobile app, or with cash using our branded ATMs.
Only 1% average transaction fee:
Transaction fees can cripple hospitality businesses. The increase in consumers using cashless payment systems is growing exponentially. In some hospitality businesses, card and cashless payments are running at close to 70% of all transactions. Why waste 2% or 3% of your hard-fought revenue on traditional payment transactions when you can accept instant, secure payment from customers at a fraction of that rate with Festy?
Loyalty Point Systems:
In all areas of retail, loyalty card programs are on the rise and are essential for guaranteeing returning customers. The exception to this is the pub & restaurant sector due to the fact that merchants cannot afford to swallow transaction fees to reward customers for their loyalty. By virtue of the huge savings made on transaction fees using Festy, merchants can add their own tokens and coins to the network for their own customised loyalty programs. Imagine you are the only bar in town that rewards customers for their continued business – our market research tells us that you will be guaranteed to experience huge increases in sales volume overnight. If you create a pathway where consumers can earn a free pint every once in awhile, then they will use it! Customers can track their purchases on their app and earn bonuses over time.
Slice technology allows a group of customers to automatically split their bill using smart contracts. As long as everyone has downloaded the app, one user pays and is equally reimbursed by the others in the group. Of course, if the user that is paying wants to pay for everyone else as a kind gesture then they can choose to do so.
ID & Ticket Verification:
Security personnel can eliminate fraud and verify identification easily with Festy. Simply tap the user’s wristband/card and their driver’s licence/passport which has been uploaded to and verified by the app beforehand will appear. Festy users can leave their ID and wallets at home and can also encrypt emergency contact information in the event of an injury or accident.
Complete Ownership over Private Data
Unlike Visa or other financial services companies, Festy does not store or share the user’s data. People own their own data with Festy and are free to monetise it if they so wish. In the current social, political and economic climate this is hugely attractive to consumers as this protects the user against surgical taxation (legislation that is looming that will impose a tax upon the public for poor lifestyle choices which create future problems in the healthcare system) and other privacy infringements that are imminent.
In recent months there has been a huge surge of mainstream media attention on Bitcoin and other cryptocurrencies as large institutional investors and world renowned technology experts like Bill Gates and Richard Branson are getting involved in building and adopting these technologies. This new era of financial technology that we call blockchain is the emancipation from traditional centralised banking for merchants and citizens all over the world. The societal benefits that are made possible by the mainstream adoption of decentralised finance & digital payment systems are staggering. Redistributing financial control into the hands of the public in a peer-to-peer system promotes financial freedom and the principle of self-determination. Festy uses this technology to recreate a payment system that is absent of centralised interference and human manipulation by putting trust in predetermined code and cryptography instead of middleman services.
Festy has been awarded Start-Up of the Month by Silicon Republic on two occasions since its inception earlier this year. Following multiple successful proof of concept launches at Electric Picnic (an Irish music festival with 55,000 people in attendance), Mandala Bar & Night Club in Cancún, Mexico (one of the largest night clubs in all of Mexico) and at the Irish Pubs Global Awards Ceremony in the Mansion House, Dublin (where we were the proud headline sponsors of the event and showcased our technology at the bar during the Gala dinner) we are happy to announce that we will be beginning full integrations in March of 2018.
We are already receiving hundreds of client requests from all over the world and in each location we will be holding a launch night to introduce users to Festy and help increase adoption from the beginning!
The team at Festy have decided that the first 1,000 clients from the Irish Pubs Global network that sign up will get their integration for free!
Please contact firstname.lastname@example.org for more information.
Go raibh maith agaibh!