Hanover-based entrepreneur Ricardo Ferrer Rivero has developed a working prototype of 3D-printed bitcoin payment terminal named PEY, which eventually became a company, to build a merchant payment system bypassing bankers to allow merchants to accept Bitcoin.

BitPay, the cryptocurrency payment gateway, has also collaborated with Rivero to support the project as the payment processor and to develop a tailored system for Hanover’s merchants which accept only cash because of high debit card acceptance fees lowering the risk from Bitcoin price fluctuation.

The PEY terminal, that also has an app, will transmit payment information via NFC apart from providing the user with the option to complete a transaction by scanning the QR code generated by BitPay.

PEY will use iBeacon technology to send users who have the PEY app installed with a push notification to inform them about the retailer who would accept bitcoin payments.

The prototype version of the PEY will use android phones as its processor with works going on to launch a next generation version of the terminal built on Raspberry Pi.

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Ricardo Ferrer Rivero said: "We currently charge no fee, basically because we see ourselves as a hardware company. So we’re giving it to people and trying to learn from it."