Pundi X Labs, the Indonesian maker of cryptocurrency-enabled point-of-sale terminals, has partnered with South Korea's Ubivelox to establish its payment devices across the region. The two companies si
Pundi X Labs, the Indonesian maker of cryptocurrency-enabled point-of-sale terminals, has partnered with South Korea's Ubivelox to establish its payment devices across the region. The two companies signed a memorandum of understanding on Thursday.
The deal pairs Pundi X's XPOS terminals with Ubivelox's expertise in smart card technology. The XPOS accepts cryptocurrency payments as well as Alipay, WeChat Pay, and traditional cards. All devices connect to the Ethereum and NEM blockchain networks. The current version supports 13 different cryptocurrencies.
Pundi X also sells XPASS cards—smart cards that let users buy, sell, and trade crypto alongside everyday purchases.
Under the agreement, Ubivelox and Pundi X will work together on several fronts: producing and distributing XPASS cards, building a mobile payment platform for cryptocurrencies, and adding security features to the XPOS hardware. The partnership marks Ubivelox's entry into the cryptocurrency sector. The company has long operated in banking, finance, telecommunications, transportation, and government identification systems.
"The vision of Pundi X—making cryptocurrencies practical in everyday commerce—can move faster and with better security when we combine it with our smart card patents and technology," Jae Kwan Kim, Ubivelox's senior vice president, said in a statement.
"Working with Ubivelox to develop XPASS cards and security solutions will be a major boost to our global expansion," said Pundi X CEO and co-founder Zac Cheah.
Pundi X has been signing partnerships with payment processors, global distributors, and technology firms to reach more markets. Before South Korea, the startup secured merchants in other countries. This month, Pundi X deployed XPOS terminals in Hong Kong through a pilot program with FAMA Group, an organic restaurant chain. Customers at FAMA locations could settle their bills with cryptocurrency.
The company reports 5,000 pre-orders for XPOS devices from Switzerland, Japan, South Korea, and Singapore. It also signed a contract with the NEM Foundation covering 20,000 units over three years.
Pundi X opened in 2017 and operates offices in Jakarta, London, Shenzhen, Tokyo, Singapore, and São Paulo. The company plans to install as many as 100,000 XPOS terminals across Southeast Asia by 2021.
