Pundi X, the point of sale payment network, has finished its trial of hardware devices to enable consumers in Hong Kong which ended in success. The network let consumers pay using Bitcoin, as well as other cryptocurrencies at any real store which includes, restaurants, shops and even cafés!
Pundi X is based in the South-east nation of Indonesia and is planning to apply over 5,000 POs units in Hong Kong. Regulators haven spoken out saying that Bitcoin doesn’t certify to be a valid payment option.
Despite this, the plans of the Pundi X team haven’t changed and they still aim to continue to build the network that makes purchasing and spending virtual currency easy as pie. The goal is to become one of the biggest outlets for cryptocurrency, taking blockchain and the technology of crypto into people’s everyday lives from buying something at the mall to ordering a drink at the bar, crypto could soon be everywhere.
The CEO and co-founder of Pundi X, Zac Cheah, spoke to the South China Morning Post regarding the topic and said:
“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 [there].”
They intend to start installations in August this year.
A report published by Coin ATM Radar, suggests that there are just under 3,500 ATMs worldwide that are dedicated to Bitcoin. The Pundi XPOS network of over 5,000 devices would add a more widespread platform to aid people in buying their everyday items, such as their morning coffee, afternoon meals, additions to their wardrobe and speciality items within crypto.
Visa, Mastercard, Apple Pay, Alipay and many more are also being linked to Pundi XPOS.
The Pundi XPOS device will allow them to connect to multiple channels of payment with a single device. Shops will be able to use the platform to assist the mobile payments and drive revenue from fans of crypto who are looking to buy or sell either, Ethereum, Bitcoin, Nem, Achain or QTUM.
The South China Morning Post reports that the Hong Kong Monetary Authority said:
“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.”
By the start of 2019, Pundi X aims to have installed around 50,000 XPOS units across multiple different countries.