Pundi X, a provider of blockchain payment solutions, announced the launch of CryptoID, a DApp which provides users a payment platform for real-time transfer of cryptocurrencies to fiat.
For the initial roll-out, Pundi X has partnered with Indonesia-based online payment app m-Bayar from E2Pay to integrate its services for the CryptoIDR DApp.
Over a dozen cryptocurrencies are available on CryptoIDR for conversion to Indonesian Rupiah (IDR). Once converted, the amount can be used on the m-Bayar app to pay for utility and credit card bills, mobile top-ups, money transfer, bank withdrawals and even for donations to select nonprofit organizations.
Using CryptoIDR as a fiat off-ramp from crypto to Indonesian Rupiah requires users to connect to an m-Bayar account. To increase the amount of maximum transfer, users will have to be verified through a KYC (Know Your Customer) process under Indonesia’s rules and regulations.
m-Bayar, which in Bahasa means “m-payment” was founded in 2018, and was then merged with Pundi’s fiat mobile payment platform. It was then handed over to Pundi X partner E2Pay; as they hold an e-money license in Indonesia.
“I’m excited to introduce to Indonesia a more seamless, efficient and reliable way to utilize their crypto assets. It emphasizes our pursuit of a more accessible financial system for the underserved, as this allows us to cater to a market longing for such convenience.”
– Constantin Papadimitriou E2Pay CEO and President of Pundi X
E2Pay is a popular digital payment platform with services ranging from payment gateway for B2B transactions to enabling mom-and-pop shops to offer credit card payments online. The e-money platform m-Bayar is its first consumer product. Together with Pundi X and the CryptoIDR DApp on XWallet, it now introduces a whole new world of crypto-based digital payments.
“This is a truly special project as we go full circle with E2Pay. Both companies are driven by the same goal to help bridge the growing gap between accessible and affordable financial services to underserved markets. Today, we are reunited once more by that same goal.”
– Zac Cheah, Pundi X Co-Founder, and CEO