Pundi X, an Indonesia-based company that envisions to make cryptocurrency transactions ‘as easy as bottled water’, is approaching a circulation of about 5,500 POS [point-of-sales] devices globally, some of which are among retailers across Hong Kong.
Recently, Pundi X had also established a partnership with FAMA group in Hong Kong. It is a chain of multiple restaurants and cafes with its own organic grocery store, farmer’s market and health clinic. At the time of its partnership establishment, the Founder of FAMA Group, Larry Tang said:
“Our restaurants celebrate traditional methods in our cuisine, but we also see ourselves as innovators and are pleased to be on the frontline in enabling customers to settle their bill with Bitcoin or ether-based cryptocurrency by using a secure payment option such as the Pundi X POS.”
Despite all the advancement and increasing adoption of cryptocurrencies in Hong Kong’s commercial activities, the legal framework does not recognize cryptocurrency as a legal tender. This has blurred the legal stance of Hong Kong on the cryptocurrency adoption. While the ambiguity remains, the utility of Pundi X POS devices is permitted in commercial transactions.
The cryptocurrencies that can currently be transacted the Pundi POS device are Bitcoin [BTC], Ethereum [ETH], Litecoin [LTC], NEM [XEM], Stellar Lumens [XLM] among others.
The device serves as the bridge that connects the real world and the crypto world. The retailers and consumers can choose to use BTC, ETH, LTC, XEM, XLM, QTUM, ACT, DGD, PXS and other cryptocurrencies to conduct the transaction together with fiat money [Dollars, Rupiah, Baht etc], bank card, mobile wallet or Pundi X PASS subject to local regulations in each market.
Cryptocurrency is a relatively new concept for the society. Even after the introduction of major pragmatic solutions for cryptocurrency adoption, a fair amount of skepticism lies among the consumers.
Pundi X is the first company to ever make an attempt at deploying POS devices among the retail market, which makes it an early player in this streak of business. The goal of the company and its partners is to reach a distribution of over 100,000 POS devices by the year 2021. It also aims at creating the largest network of crypto-transaction solutions in the world.
In the first quarter of the Pundi POS device deployment, the Founder and CEO of Pundi X, Zac Cheah, said:
“More and more people are owning cryptocurrencies. According to the survey of mass-market cryptocurrency adoption, 35% of cryptocurrency owners want to use cryptocurrencies for trading and investment as well as to make purchases. However, owners have limited ways to spend them.”
Currently, the market of cryptocurrency POS devices that Pundi X has entered involves no competition. The company is alone in finding solutions to overcome any unknown limitations in the field.
A Reddit user, kszabo, on Pundi’s POS device execution commented:
“Yeah seriously. I love how fast the receipt spits out.. The whole thing is so quick. Can’t wait till they roll these out in Canada.”
On the same subject, another Reddit user, shastaxc, said:
“I don’t like the idea of having to input the payment amount yourself. I do like the swipeless card reader (assuming NFC). Swiping wears down the card over time and we just end up replacing it and throwing it away. That’s such a waste. Every card issuer should be using NFC by now.”
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