Recently, Zach Cheah, the CEO of Pundi X, in an interview with Timothy Tam, the Co-Founder, and CEO of CoinFi, discussed Pundi X’s rollout of the new retail point of sale system for cryptocurrency payments. During the podcast, Zach Cheah regarding the POS device said:
“I think when we started looking into the blockchain, we realized there are many interesting projects and advanced projects. But we wanted more people to hop on the blockchain project as we realized that hasn’t received a lot of traction.”
He further added:
” So we came up with a solution. We came up with a hardware device that would allow people to buy and sell cryptocurrency just by going to a store.”
According to Cheah, entrepreneurs like him are the one percent of the population. The other 99 percent are blissfully unaware of the blockchain platform and digital currency, resulting in it becoming a monopoly market. He says Pundi X wants to play a small part in changing this and bring cryptocurrency to the masses. Tim then added to the conversation, saying:
“I know you’re looking at providing a physical device for merchants so that they have the ability to receive cryptocurrency as a payment. Some interesting statistics in 2017 show that the number of merchants that accept cryptocurrency has grown to 30 percent, that’s a total of 7000 merchants, so obviously you are the market leader in this space.”
Cheah believes that the biggest change for cryptocurrency is when it would be adopted offline just like how commerce started offline, gradually entering the online space. He then stated:
“It could be something as simple as a regular person going to 7-Eleven in Hong Kong and buying a coffee. And these are small items. It could be a big ticket item like cars and stuff.”
Cheah has been receiving a lot of traction by getting merchants to adopt Pundi X. He believes merchants fall into two categories. The smaller minority category includes people that are already well versed with cryptocurrency so they would know the value of Bitcoin or NPXS. However, the large majority actually do not know too much about cryptocurrency but they want to own it. He then went on to add:
“What merchants care most about is for all their items to be paid out in the local fiat. Pundi X’s challenge is learning to talk to the merchants in their daily jargon instead of telling them too much about blockchain.”
The foremost issue on a merchant’s mind is if he or she is receiving a volatile asset by dealing in cryptocurrencies. Cheah believes that there are a few ways of solving this. The easiest and most popular way is to immediately cash out into the local fiat. He furthered the conversation saying:
“So once someone purchases something using say a Bitcoin, on the spot we will also liquidate that Bitcoin into the local currency for the merchant. I think that is the key question that merchants would ask.”
Pundi X, therefore, is building a platform where the service of liquidating cryptocurrency would be available to merchants who sign up for the device. Essentially merchants will have several modes of payment other than cryptocurrency.
CoinFi [CoFi] according to their website is a platform that offers crowdsourced and professionally curated research, analysis, trading signals and algorithms to cryptocurrency traders for real-time market intelligence. They have also co-founded a hedge fund and launched a Bitcoin exchange in Shanghai in the year 2013.
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