Pundi X Labs Unveils Retail POS For Cryptocurrencies

The system runs on three components: the POS hardware connected to Ethereum, a blockchain built on Pundi X's network that handles transactions and credit data through smart contracts, and PXS tokens that merchants pay to operate.

Pundi X has a payment app already in the market. Its sister company Pundi-Pundi launched a QR-code payment service modeled after Alipay nearly a year ago. It has 100,000 registered users and 500 merchants operating in Jakarta. The startup plans to build a credit rating system using blockchain for Southeast Asia's unbanked population, rolling out first through Pundi-Pundi's existing network in Indonesia.

Zac Cheah, CEO of Pundi X Labs, said the QR app proved that local consumers want cashless payments. "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," he said.

The barrier for most people remains friction. "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," Pundi X stated. "The mission for Pundi X is to make buying cryptocurrency as easy as buying a bottle of water—by providing universal access, anytime, anywhere."

A deal with payment provider E2Pay opens doors to NU, the largest religious organization in the region with 100 million members, through its NU Cash app. The agreement also grants Pundi X access to 25,000 convenience stores run by Bulog, one of Indonesia's biggest store operators. Both partnerships roll out in the first quarter of 2018.