Rivetz and Bitpay come together to launch bitcoin-based Apple Pay Competitor

Rivetz, which provides hardware-based device security, is going to present a demo on a new bitcoin-based competitor to Apple Pay at the Mobile World Congress, to be held in Barcelona during March 2-5.

Apple Pay provides secure storage and encrypts credit card data, keeping it concealed from the retailer. Each transaction is authenticated with a dynamic security code.

Rivetz is partnering with Bitpay (provider of bitcoin wallets and merchant processing) and using its technology to secure a bitcoin wallet's private keys during transactions on Android devices.