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Pundi X on crypto-adoption quest, rampant circulation of POS devices

Priyamvada Singh

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Pundi X on crypto-adoption quest, rampant circulation of POS devices
Source: Pixabay

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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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.

Ripple

Ripple executive elected to United States Faster Payment Council’s Board of Directors

Sarvesh Kumar

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Pat Thelen: Elected by U.S Faster Payments Council as one of their directors, a Bane for XRP?
Source: PixabaY

Pat Thelen, Ripple’s VP of Strategic Accounts, has been recently appointed as one of U.S Faster Payment Council’s (FPC) directors. He was also among the first elected board members of the Council. The list of the selected members was out on Monday and Thelen was chosen from a list of people in the larger technological sector industry. Thelen will be serving a one year term.

The appointment of the directors, including Thelen, was met with a lot of positive reaction online. This enthusiasm was shared by the Council itself, whose Executive Director and interim board Chairman, Kevin Christensen, said

“The new board represents the industry’s inclusiveness which is an integral part of the organization.”

FPC is leading the way for presenting avenues for faster payment methods. Hence, Thelen and other representatives on the Council are expected to take greater initiative in fulfilling the Council’s objectives. Ripple was created for a similar goal, with XRP born to do transactions at a faster speed than what Bitcoin, or any other present-day payment settlement system, is doing.



With Pat Thelen becoming a part of the FPC, many doors and opportunities are now open to Ripple, XRP and companies in the field of making global payment settlement more secure, quicker and more accessible for a diverse set of consumers. With CEO Brad Garlinghouse claiming that he did not expect banks and governments to be “obliterated by new technologies,” Ripple’s work within the FPC may accelerate its goal to reduce the friction in global commerce.

With Ripple now as a part of FPC, it has also opened doors for other cryptocurrencies as well. The FPC is a newly-formed organization, one that aims to provide a platform for Americans to do transactions in a safe, instant and cost-effective manner.





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