Pundi X launches first retail point of sale solution for cryptocurrency in Indonesia

Source: Pundi X.

Pundi X, a cryptocurrency point-of-sale (POS) solutions provider for retail stores seeking to accept digital currencies in Southeast Asia, yesterday announced successful integration into the NEM Blockchain.

The Pundi X POS device enables consumers to buy or sell cryptocurrency. The purchased cryptocurrency is stored in a digital wallet and can be used to make cashless payments to top up phones, pay utility bills or buy goods.

With the development, every Pundi X POS device can be connected to both the Ethereum and NEM Blockchains, enabling consumers to easily buy or sell cryptocurrencies (BTS, ETH, XEM, LTC, PXS tokens) using fiat money, bank card, mobile wallet or with a Pundi X Pass. Fiat money refers to traditional currencies, while popular cryptocurrencies include Bitcoin (BTS) and Ethereum (ETH). The integration will also support NEM's own cryptocurrency tokens (XEM) which has a market capitalisation of US $1.6 billion, Litecoin (LTC), and Pundi X Tokens (PXS).

"By using NEM's Blockchain solution, we can confirm transactions instantly, which enables us to lower the exchange risk and provide a better user experience," said Zac Cheah, CEO of Pundi X. "Moreover, Pundi X can now focus on rapid expansion to new markets thanks to our inclusion in the NEM network."

"We are working to achieve mass adoption of the NEM protocol through sovereign fiat money issuance, financial settlements, payments, trade finance, stock markets, forex and other applications. The Pundi X business matches this goal because it makes cryptocurrencies more accessible for people to use in their daily lives," commented Lon Wong, President of NEM.io Foundation. "NEM is very easy to implement. For example, it took only one day to make the Pundi X system work on the NEM Blockchain for both the private and the public chains."

Pundi X builds on the existing Pundi-Pundi business model of cashless payment systems, which uses smart phones to scan QR codes and make instant payments in retail and restaurant outlets, and which has already signed up more than 100,000 registered users and over 500 merchant partners in Jakarta.

“We’ve demonstrated the demand for cashless transactions with our Pundi-Pundi QR app which is now established as one of the biggest in Indonesia, following the Alipay model,” said Cheah at the time of the POS launch. “Now we are well placed to build on our extensive user base and relationships with leading partners to take cashless transactions to the next level by bringing cryptocurrencies to the average consumer.”

Cheah said under 1% of the global population owns cryptocurrency despite its tremendous potential because the purchasing process is far too convoluted for the man or woman in the street,” added Cheah. “Now the mission for Pundi X is to make buying cryptocurrency as easy as buying a bottle of water - by providing universal access, anytime, anywhere.”

According to Pundi X, cashless payments in Indonesia have been slow to take off, in part because of the large proportion of unbanked population. Just 23% of Indonesians own a bank account, and purchases are still largely cash-based and offline.

Pundi X stands out from most ICO (initial coin offering) candidates because it already has a track record of successfully building the Pundi-Pundi cashless mobile payment business in just twelve months in a previously under-serviced high volume, mass market sector, the company said.

The success of the company’s business is based on partnerships with retailers and restaurant chains including NU Cash, a fintech payment app belonging to Nahdlatul Ulama which has a membership of 100 million, and Bulog Pay, a cooperative with 25,000 local convenience stores across Indonesia. Pundi X plans to launch services with both NU Cash and Bulog Pay in Q118 that will enable Pundi X to connect with these communities.

Project implementation will be handled through a partnership with E2Pay, a fintech services provider for the payment gateway, as well as to financial institutions and large communities of potential new users. Pundi X also reached an agreement with E2Pay (PT E2Pay Global Utama) in September to integrate PXS into traditional financial institutions and to make it available to the mass population of Indonesia.

Pundi X is aiming to be present in 700,000 stores in cities across Indonesia, the rest of Southeast Asia and around the world, giving over 100 million users access to buy cryptocurrency at their nearest shops, cafes, or convenience stores.

Explore:

See the Pundi X POS device at the Singapore Fintech Festival 2017 at booth 2L12 and NEM Blockchain at booth 1F21.

The Pundi X public token sale is November 20, 2017, with the white list application closing at 10am GMT+8 (ie Singapore time) on November 19.

Hashtags: #SFF2017, #SGFintechFest