People who own cryptocurrencies are accustomed to the fact that most retail stores don’t accept them. The number that does is on the rise, though, and that could become especially true shortly thanks to an Indonesian point-of-service company called Pundi X.
It offers blockchain-based terminals that conveniently sit near the cash register and let cashiers and consumers engage in cryptocurrency-based transactions when paying for items. There is also a feature that facilitates cryptocurrency to flat currency conversions and vice versa without hassles.
Thousands of Devices Shipping to Retailers in Q2 This Year
A press release about Pundi X announced it’ll send out 4,000 of these pioneering POS devices in the second quarter of 2018. They’ll reportedly go to Singapore, Switzerland, Korea, and Japan. Zac Cheah, CEO and co-founder of Pundi X, sees those initial shipments as a way to bring cryptocurrencies to the mainstream for consumers.
Individual Units Set Aside Each Day for Fast-Acting Purchasers
In addition to the thousands already intended for those countries mentioned above, it’s possible for people from anywhere in the world to order a Pundi X cryptocurrency POS device — at least if they don’t delay.
Every day, there are 500 units set aside for individuals. The company has also set a limit of one Pundi X per e-mail address or mailing address.
For people who don’t live in Indonesia and aren’t familiar with its time zone, the company features a handy countdown clock on its purchase page indicating when the next batch of individual units is available to attempt to buy.
Another Customer-Friendly POS Development
Due to the demanding nature of the retail industry, the POS sector regularly develops and uses innovations that are user-friendly and support retailers’ bottom lines. For example, cards with EMV chips inside them are quickly becoming the global standard.
To speed up transactions, there’s an EMV that only takes one second, which is the fastest option in the United States. It lets people insert and remove credit or debit cards without delays.
Handling Transactions Without Purses or Wallets
Besides speed, another thing that global consumers tend to appreciate is flexibility. If Pundi X’s POS initiative takes off and becomes as successful as it’s hoped it will, people will have yet another way to pay for things. And, because it involves digital money rather than physical coins, there’ll be no need to carry bulky wallets.
A Potential Solution for People Without Bank Accounts
The mission of Pundi X is to improve the adoption of cryptocurrency in mainstream retail and make cryptocurrency accessible anytime anywhere. In addition, they hope to become the largest cryptocurrency retail network.
If it succeeds, the company could provide significant advantages to the Southeast Asian residents without bank accounts — which in 2016 was 73 percent of all people in the region.
The decentralized nature of cryptocurrencies means individuals who hold them do not need to deal with banks at all.
Driving In-Store Traffic by Offering Cryptocurrency Top Ups
Pundi X also offers a cryptocurrency card that allows users to buy cryptocurrencies from retailers. It works similarly to a public transit pass and enables topping up with more funds as needed. Before confirming a transaction, users see the rate of a cryptocurrency on a customer-facing POS screen and can decide whether to proceed.
This method of in-store top-ups could be a revenue booster for the retailers that choose to offer it. Throughout Europe, many convenience store owners and mobile phone retailers advertise that people can come in and buy more calling minutes or text message credits in seconds. By doing so, they attract passersby who need to communicate and aren’t near the usual outlets they use to replenish their phones.
It’s also not hard to imagine how retailers could maintain visibility in the market by becoming providers of particular cryptocurrencies in their respective areas, allowing for marketing deals that spur public interest and store revenues.
The representatives at Pundi X intend to capitalize on what they see as an unmet need. It’ll be interesting to see how things pan out, but for now, they’re attracting favorable attention around the world.