OneBit to enable bitcoin payment wherever PayPass is accepted

Toby Hoenisch has been promoting his new start-up, OneBit, which will enable users to spend bitcoin wherever MasterCard's PayPass terminals are located. PayPass is MasterCard's attempt to facilitate cashless transaction, as the website says:

"You get better record keeping of all your purchases then using cash for those small everyday items."

The underlying technology of the new start-up involves combining of BitPay and MasterCard. The OneBit website says that no additional fees will be charged, similar to BitPay-handled transactions:

"We offer market rate currency conversion using BitPay and charge no extra fees. No hidden fees either!"

OneBit seems to be in its initial phase and website visitors are encouraged to register for early access.

"My background is AI, IT-security and cryptography. I have been fascinated by Bitcoin for the last 3 years, but never quite found the right idea to form a company around until now. [...] My co-founders have a background in UX&UI design and security [...] We managed to get Mastercard and DBS bank interested in OneBit and with their help, I am confident that we can build OneBit without getting burned like Charlie Shrem did. And yes, legal is the main reason we can't just ship it", Hoenisch said in a statement on Reddit.