New Tech Making Crypto Easy to Spend Coming to Thousands of Real Stores
Point-of-sale payment network Pundi X has completed its successful trial of hardware devices to enable shoppers and consumers in Hong Kong. The network lets users pay with Bitcoin and other cryptocurrencies at any physical store, including cafes, shops and restaurants.
Based in Indonesia, Pundi X is planning to implement 5,500 POS units in Hong Kong, despite regulators stating that Bitcoin doesn’t qualify as a payment option.
But the team at Pundi X is undeterred and plans to create a network that makes buying and spending cryptocurrency as easy as buying a bottle of water. Their goal is to become the “Wal-Mart or 7-Eleven of cryptocurrency”, transforming blockchain and crypto tech talk into everyday orders at bars, boutiques and malls.
According to Zac Cheah, co-founder and CEO of Pundi X, “Hong Kong is the perfect place for us to do a test drive before a large scale roll-out as there are many tourists, expats, and early tech adaptors,” reports the South China Morning Post.
The installations are expected to happen next month. Currently there are 3,476 Bitcoin ATMs worldwide, reports Coin ATM Radar. The Pundi XPOS network of 5,500 devices would add another widespread platform to help everyday people buy their favorite coffee drinks, meals, clothing and specialty items with crypto. Pundi XPOS is also linked with Apple Pay, WeChat Pay, AliPay, Visa, MasterCard and other mobile wallets.
For merchants who are trying to navigate the wild world of crypto, the Pundi XPOS device allows them to plug into several payment channels with a single device. Stores can use the platform to facilitate mobile payments and drive revenue from crypto enthusiasts who are looking to spend or buy and sell Bitcoin (BTC), Ethereum (ETH), Nem (XEM), (Qtum) QTUM or Achain (ACT).
As for upcoming regulations, the South China Morning Post reports that the Hong Kong Monetary Authority said that the “existing legal framework, under the Payment Systems and Stored Value Facilities Ordinance, which provides for the regulation of stored value facilities and the designation of retail payment systems in Hong Kong, does not apply to cryptocurrencies.”
Watch the CEO buy a chocolate coffee and some Bitcoin using his Pundi X card.
Pundi X plans to install at least 50,000 XPOS units across several countries by the first quarter of 2019.