A startup company announced on Oct. 2 that they have completed a project to provide retailers with an application that would allow them to accept multiple cryptocurrencies as payment at the Point of Sale (POS).
Pundi X Labs will be testing their new application first in Asia, and then hoping to expand it to the West following the results of this trial. And if successful, it would allow retailers both big and small to easily accept cryptocurrencies like Bitcoin and Ethereum through a process where retailers purchase PXS tokens which are then convertible to both crypto and fiat currencies through the application.
Isle of Man startup Pundi X Labs is looking to bring cryptocurrencies to brick-and-mortar businesses across Southeast Asia with a new point-of-sale (POS) device.
The Pundi X POS device will enable shops, cafes and convenience stores to buy, sell and accept cryptocurrencies as a payment method. It will also allow them to provide their customers with a quick and easy method for buying and selling cryptocurrency using cash, bank card, mobile wallet or Pundi X Pass.
Pundi X Labs said it aims to build the world’s largest offline cryptocurrency sales network. It seeks to be present in 100,000 stores over the next three years across all target markets.
Pundi X consists of the Pundi X POS, a device connected to the Ethereum blockchain, the Pundi X blockchain, which uses smart contracts to store transactions and credit rating data, and PXS tokens, the “gas” that powers Pundi X. Merchants must purchase PXS tokens to list their goods, services or cryptocurrency. – Coin Journal
Dependent upon the results, this application could crack an important problem that has resided in the retail sphere since cryptocurrencies came onto the scene. And it would allow businesses both large and small to be able to accept virtual money payments without having to spend tens of thousands of dollars re-formatting their currency POS systems.