Consumers in the Philippines and the rest of Asia can start paying in cryptocurrencies for their purchases once Indonesian blockchain startup Pundi X completes the roll out of its point of sale (POS) device in the region, reported the Philippine Daily Inquirer.
It said the Pundi X POS would allow retail establishments in the region to accept digital currency payments, such as Bitcoin, NPXS, and ADI.
“Pundi X's plans to roll out the Pundi X POS device over the coming year across Asia, the Philippines included, will further boost the local cryptocurrency ecosystem, opening it up to more consumers,”
the report quoted a company statement.
It added the new system could
“lower the technical threshold and make cryptocurrency transaction as easy as buying a bottle of water via POS smart device.”
Consumers can store their cryptocurrencies in a physical card wallet that they could use to make cashless transactions, such as payment of utilities, top up phones, purchase goods on the condition that the transactions follow specific rules in each of the markets.
Pundi X held an event in Manila, Philippines in May to showcase the technology. In the same month, Pundi X secured a deal from the organic restaurant food chain Fama Group in Hong Kong to adopt its POS device.
Pundi X co-founder and CEO Zac Cheah commented on the plan:
“Adoption of cryptocurrencies in East Asia is probably the highest in the world, however, there are still few channels for spending digital currency today and this is what we want to change by working with retail outlets such as the forward-thinking Fama Group.”
“This is the first of many partnerships that we will be setting up across Asia to encourage more widespread use of cryptocurrency in the retail economy over the longer term.”
On Wednesday, Pundi X Labs announced in a blog post that its crypto POS terminals would integrate the Binance Coin (BNB) to allow users to make purchases with BNB in retailers across the world.
With the addition of BNB, the XPOS machines now support 12 digital coins comprised of
Bitcoin (BTC), Ethereum (ETH), NEM (XEM), Qtum (QTUM), Zcash (ZEC), Stellar (XLM), Litecoin (LTC) and the retail firm’s native NPXS token.