South African digital asset exchange DoshEx and global blockchain-based payment pioneer Pundi X have announced a strategic partnership to bring cryptocurrency to high street retailers and local consumers.
In a first for South Africa’s retail market, XPOS, the Pundi X blockchain-based point-of-sale devices and XPASS cards for cryptocurrency transactions are to be deployed at selected sites across South Africa in a co-branded roll-out with DoshEx.
Blockchain-driven point-of-sale technology enables merchants to digitise their payment infrastructure on the blockchain while consumers transact in cryptocurrency in a fast, efficient and convenient manner.
Blockchain – a tamper-proof, cryptography-based technology – establishes trust of the transactions among various parties.
Cryptocurrency transaction within the Pundi X payment ecosystem is a hassle-free method that promotes financial inclusion as XPASS-holders will have their own financial history of the transactions on XPASS card and the associated XWallet app without the necessity for having a bank account.
Rapid acceptance is envisaged as the process resembles credit-card transacting with which consumers are familiar. To enable crypto transacting, the XPASS is simply tapped on an XPOS device.
Zac Cheah, CEO and Co-founder of Pundi X Labs, comments: “XPOS is the easy, affordable access point into crypto for mainstream retailers and consumers.
“Many big businesses already access the crypto benefits of trusted record-keeping transactions. Now, an XPASS card loaded with crypto enables ordinary people to embrace the crypto-future, including millions of unbanked South Africans.
“Our partnership with DoshEx enables us to tap into the early-adopter market at pace as this Bryanston-based innovator has a proven track-record as a digital exchange and developer of blockchain-based solutions for leading corporates, including the South African arm of Virgin Money.”
DoshEX CEO Alex de Bruyn adds: “It was essential to roll out trusted and proven technology as our objective is to rapidly build South Africa’s first point-of-sale cryptocurrency network. This is why we partnered with Pundi X.
“This global technology player has deployed payment ecosystems in numerous markets, including developing economies such as Argentina, Brazil, Colombia, and Nigeria. Its international representation stretches from London to Jakarta to Tokyo. Pundi X therefore has the resources to support a rapidly growing network in line with our vision of demystifying crypto and turning it into a generally accepted payment option.
“We believe XPOS will rapidly become your crypto ATM and transaction-enabler at your local coffee shop or high street store.”
Adoption is easy. Participating merchants install XPOS technology on the counter and provide the XPASS cards, activated for a once-off fee. Cryptocurrency is preloaded by the vendor. Users then transact on XPASS.