Pundi X, a Blockchain startup that aims to make cryptocurrencies an enabler of ubiquitous cashless payment environments across South East Asia, has unveiled the Pundi X POS (Point of Sale) smart device to enable shops, cafes and convenience stores to sell cryptocurrency to a broad cross section of general consumers who would otherwise have little or no access to cryptocurrency.
Pundi X POS device installed in retail outlets will enable consumers to quickly and easily buy or sell cryptocurrency using fiat money (Dollars, Rupiah, Baht etc.), bank card, mobile wallet or Pundi X Pass. The purchased cryptocurrency can be stored in a digital wallet or used to make cashless payments to top up phones, pay utility bills or buy goods. When making cashless payments using cryptocurrency, the cryptocurrency is exchanged back to fiat money in real time before buying goods, making the conversion process seamless for the user.
Pundi X builds on the existing Pundi-Pundi business model of cashless payment systems launched early 2017, which uses smart phones to scan QR codes and make instant payments in retail and restaurant outlets, and which has already signed up more than 100,000 registered users and over 500 merchant partners in Jakarta.
“We’ve demonstrated the demand for cashless transactions with our Pundi-Pundi QR app which is now established as one of the biggest in Indonesia, following the Alipay model,” said Zac Cheah, CEO of Pundi X. “Now we are well placed to build on our extensive user base and relationships with leading partners to take cashless transactions to the next level by bringing cryptocurrencies to the average consumer.”
“Less than 1% of the global population owns cryptocurrency despite its tremendous potential because the purchasing process is far too convoluted for the man or woman in the street,” added Cheah. “Now the mission for Pundi X is to make buying cryptocurrency as easy as buying a bottle of water – by providing universal access, anytime, anywhere.”
Unlike markets such as China where Alipay and WeChat Pay set the standard, cashless payments in Indonesia have been slow to take off – in part, because of a low level of just 23% bank account ownership and limited mobile digital payment penetration in a market where consumer purchases are still largely cash-based and offline.
Pundi X will fuel its growth with money raised through the issuance of native Blockchain tokens in an ICO (Initial Coin Offering) that stands out from other candidates in a crowded marketplace because it already has a track record of successfully building the Pundi-Pundi cashless mobile payment business in just twelve months in a previously under-serviced high volume, mass market sector.
The success of the company’s business is based on partnerships with leading retailers and restaurant chains including NU Cash, the fintech payment app belonging to one of the world’s largest religious organizations with a membership of 100 million, and Bulog Pay, a cooperative with 25,000 local convenience stores across Indonesia.
Pundi X plans to launch services with both NU Cash and Bulog Pay in Q1 2018 that will enable Pundi X to connect with this extensive community.
Project implementation will be handled through a partnership with E2Pay, a fintech services provider with close to 20 years’ experience in payments processing, that provides access to payment gateway technology, as well as to financial institutions and large communities of potential new users.
Pundi X has reached an agreement with E2Pay (PT E2Pay Global Utama) earlier this week to integrate Pundi X Tokens (PXS) into traditional financial institutions and to make it available to the mass population of Indonesia. PXS is the ‘gas’ that will fuel the upcoming ICO and enable participating shops, cafes and convenience stores to sell cash-free both cryptocurrency and goods.
Pundi X is aiming to be present in 100,000 stores in cities across Indonesia, the rest of South East Asia and around the world, giving over 100 million users access to buy cryptocurrency at their nearest shops, cafes, or convenience stores.
- Zug, Switzerland, To Pilot Blockchain-Based Voting Pilot - June 30, 2018
- UC Berkeley Opens New Blockchain Lab – Steve Chen Appointed to Co-Lead Newly Formed Berkeley Blockchain Lab - December 10, 2017
- Peter Vessenes Announces Deluge Network To Support a Safe and Direct Way to Contribute Bitcoin Directly to ICOs - December 5, 2017
- EXMO Launches Token Sale with Blockstarter’s ICO Solution - December 5, 2017
- AdHive, A Blockchain-Based Native Advertising Platform, Engages with WINGS DAO Platform - December 5, 2017
- Perkins Coie Adds SEC Attorney in San Francisco with Fintech and Blockchain Experience - December 5, 2017
- Cryptocurrency Monero Announces Breakthrough Online Shopping Initiative Featuring Top Global Artists’ Music and Merchandise - December 5, 2017
- Bitcoin for a ‘bit’ of Caribbean paradise - December 5, 2017
- With the Launch of SunCoin, Solar Bankers Takes On the World’s Energy Giants - December 4, 2017
- Blockchain News Is Merging With Token Report - November 30, 2017
- Mira launches Pre-ICO for Mira – an Easy and Convenient Way to Buy, Store and Send Cryptocurrency - November 23, 2017
- Dash and KuvaCash Partner to Fight Inflation in Zimbabwe with Cryptocurrency - November 22, 2017
- INS Ecosystem Partners with Ambrosus to Overhaul the Grocery Supply Chain - November 22, 2017
- Global Debt Registry Unveils Collateral Pledge Blockchain Proof of Concept - November 22, 2017
- Ripple Appoints Former New York State Superintendent of Financial Services Benjamin Lawsky to Its Board and Ron Will as CFO - November 22, 2017
- Advised by the Co-Founders of YouTube and Twitch, Theta Announces a Blockchain-based Video Delivery Network - November 22, 2017
- Modex adds top advisor from Google ahead of ICO - November 22, 2017
- Decentralized Ad Exchange AdEx Partners with INK to Handle the World’s First Blockchain-based Ad Auction - November 22, 2017
- Zilliqa Lowers Funding Cap Despite Heavy Demand from Investors - November 22, 2017
- Health Startup Etheal Combines Blockchain Technology with Micro-Incentives to Build a Peer-Reviewed Global List of Health Professionals - November 22, 2017
- Bitquence Rebrands as Ethos.io, Charting a Course to Unlock Crypto and the Future of Investment for the Masses - November 22, 2017
- Eidoo Introduces User Friendly ICO Engine – Allowing Crypto Startups To Launch And Manage Their Own ICOs For Fundraising On The Blockchain - November 22, 2017
- Simdaq Launches Social Platform for Democratisation and Development of Cryptocurrency Trading - November 22, 2017
- Gameflip Shatters FLIP Pre-Sale Goals, Sets Sights on December 4, 2017 ICO - November 22, 2017
- Golden Alliance Gold Mining Launches Token Sale - November 22, 2017
- Genaro and Storj Labs Announce Collaboration and Product Integration - November 22, 2017
- Metal (MTL) Now Available on the Chinese Cryptocurrency Exchange - November 22, 2017
- Mark.space & Jaguar Land Rover Announce Cooperation - November 22, 2017
- Exscudo – EON Testnet Was Successfully Updated - November 22, 2017
- Valorem Foundation Launches All-new Cryptocurrency Platform - November 22, 2017
- WAX Partners with Xsolla to Offer Its Platform to More Than 2,000 Video Games - November 22, 2017
- Brave expands Basic Attention Token platform to YouTube - November 22, 2017
- Narrative Launches Blockchain Based Social Network That Puts Revenue In Your Pocket, Not Mark Zuckerberg’s - November 22, 2017
- Gladius Uses Blockchain and Spare Bandwidth to Revolutionize Cyber Security - November 22, 2017
- Indorse Announces Partnership with App Store Cryptocurrency, AppCoins, ahead of MVP Launch - November 22, 2017
- Secutix And The Paléo Festival Nyon Announce The Success Of Their Blockchain Pilot Project - November 22, 2017
- ING launches major addition to blockchain technology: Zero-Knowledge Range Proof solution - November 22, 2017
- Cofound.it Announces Teams Participating in Upcoming Live Crowdsale Event - November 22, 2017
- PUBLIQ goes public: The blockchain and AI company that fights fake news announces the start of its Initial Token Offering - November 22, 2017
- Blockchain for Business SophiaTX Reveals New Details of Platform; Confirms Date for Token Generation Event - November 22, 2017
- BCShop.io Launches Partner Program - November 22, 2017
- World’s First Social Entrepreneurship Platform Moms Avenue Challenges Etsy by Gearing Up With Blockchain - November 21, 2017
- WAX Partners with Xsolla to Offer Its Platform to More Than 2,000 Video Games - November 20, 2017
- Pundi X integrates NEM blockchain to Bring Cryptocurrency Payments Into Retail Stores - November 20, 2017
- Fujitsu Develops Security Technology to Safely Connect Blockchains - November 20, 2017
- Jibrel Network Announces a Highly Successful Pre-sale Round - November 20, 2017
- KRAFTWERK on Blockchain - November 20, 2017
- MintHealth: Empowering Patients to Take Control of their Health and Data via Blockchain Technology - November 20, 2017
- IBM Completes PoC Of Blockchain-based Shared KYC With Deutsche Bank, HSBC, MUFG And Cargill, IBM Treasuries - November 20, 2017
- LetsEnhance.io to process images on Neuromation Platform - November 20, 2017