DoshEx, a South African crypto asset exchange, and global blockchain-based payment provider Pundi X, today announced a strategic partnership to bring cryptocurrency to high street retailers and local consumers.
In a first for South Africa’s retail market, XPOS, the Pundi X blockchain-based point-of-sale devices and XPASS cards for cryptocurrency transactions are to be deployed at selected sites across South Africa in a co-branded roll-out with DoshEx. Blockchain point-of-sale technology enables merchants to digitize their payment infrastructure on the blockchain while consumers transact in cryptocurrency in a fast, efficient and convenient manner.
Cryptocurrency transactions within the Pundi X payment ecosystem is a hassle-free method that promotes financial inclusion as XPASS-holders will have their own financial history of the transactions on XPASS card and the associated XWallet app without the necessity for having a bank account.
Rapid acceptance is envisaged as the process resembles credit-card transacting, which is a familiar process with consumers. To enable crypto transacting, the XPASS is simply tapped on an XPOS device.
“XPOS is the easy, affordable access point into crypto for mainstream retailers and consumers. Many big businesses already access the crypto benefits of trusted record-keeping transactions. Now, an XPASS card loaded with crypto enables ordinary people to embrace the crypto-future, including millions of unbanked South Africans. Our partnership with DoshEx enables us to tap into the early-adopter market at pace as this Bryanston-based innovator has a proven track record as a digital exchange and developer of blockchain-based solutions for leading corporates, including the South African arm of Virgin Money.”
“It was essential to roll out trusted and proven technology as our objective is to rapidly build South Africa’s first point-of-sale cryptocurrency network. This is why we partnered with Pundi X. This global technology player has deployed payment ecosystems in numerous markets, including developing economies such as Argentina, Brazil, Colombia, Nigeria, Uganda and more. Its international representation stretches from London to Jakarta to Tokyo. Pundi X, therefore, has the resources to support a rapidly growing network in line with our vision of demystifying crypto and turning it into a generally accepted payment option. We believe XPOS will rapidly become your crypto ATM and transaction-enabler at your local coffee shop or high street store.”
Adoption entails participating merchants to install XPOS technology on their systems and provide the XPASS cards, activated for a once-off fee. Cryptocurrency is preloaded by the vendor. Users then transact on XPASS.
The XPOS strategy calls for a phased roll-out of XPASS cards and devices, with 5000 cards available for the first wave of early adopters. The partners will announce details of the deployment footprint as the technology becomes available in different geographic areas.
De Bruyn added: “The ability to readily transact in crypto is a vital step in digital currency development. Soon it will be the norm for the public to buy, hold and sell crypto. Borderless transactions and transfers will be easy, without the high costs traditionally associated with these activities. In the crypto-future consumers will transact in their cryptocurrency of choice, perhaps linked to dollars or euro. Crypto’s future is bright and Pundi X has provided the first light switch.”