Digix, the physically backed smart asset company, today announced the official launch of its partnership with blockchain point-of-sale provider, Pundi X. The partnership will allow users of the Pundi X card to pay for their transactions using DGX at any XPOS-enabled counters.
Each digital equivalent of DGX is registered to a physical unit of gold in Digix’s vaults in Singapore or Canada.
Pundi X is the blockchain point-of-sale solution provider encouraging the mainstream adaptation of blockchain development for businesses. Pundi X encompasses a fully fledged payment ecosystem considering of an e-Wallet (XWallet), point-of-sales devices (XPOS) and plastic payment cards (XPASS cards).
Digix is the world’s first smart asset company harnessing blockchain technology to account for the provenance, verification, and storage movement of physical gold bars to its retail investors. Investors are issued with an equivalent digital proof, called DGX.
As part of this official collaboration, Digix is releasing 3,000 customized XPASS cards to partners, corporates, future event attendees, and customers of Digix. This will allow them to make purchases using DGX as a means of exchange, at Pundi X approved merchants across Singapore.
What does this mean for merchants and Singapore’s cashless payment landscape?
The XPOS payment solution has been adopted in over 25 countries across the world including Singapore and popular travel destinations in the region such as Indonesia, Thailand, Hong Kong, Taiwan and internationally in Australia, Canada, France, the Netherlands, the United Kingdom, and the United Arab Emirates.
“In our philosophy of applying blockchain to dynamically account for the provenance, movement, and storage of tradeable physical gold, we have seen the possibility of harnessing gold more flexibly as a means of value exchange beyond a traditional asset class. By allowing our digital credits to circulate on XPOS, we intend to showcase practical and useable payment options, with the safety and accountability of blockchain. This process encompasses DigixGlobal’s spirit of deeper financial inclusivity for future generations.”
“Empowering technology developers to innovate, and businesses to incorporate elements of blockchain, is at the heart of Pundi X’s vision. Aligning with DigixGlobal has been a natural choice. Our goal of providing more payment flexibility to merchants align with DigixGlobal’s vision for greater financial inclusion and asset liquidity. We see our partnership as complementary to furthering Singapore’s smart-city and cashless payment future.”