Business & Finance

Mass Crypto Adoption: Crypto Payments Through POS Devices Now Possible

Pundi X, the crypto payments platform, is fulfilling its tagline of “making cryptocurrency accessible to everyone”. According to a press release, Pundi X made a breakthrough for crypto adoption by integrating their crypto payments in point of sale (POS) devices, made by VeriFone. Point of sale modules are devices that first check if an individual’s debit card or credit card has sufficient funds and accepts the required payment.

The partnership of Pundi X with VeriFone shows the widespread of cryptos and blockchain. There is still a small number of people who are conflicted whether cryptos are good for micropayments. The price might be increasing at the moment with the bull market, but this fluctuating price is a major concern for the experts who oppose crypto assets like bitcoin as a payment method. According to Crystal Stranger, an EA (Enrolled Agents are America’s tax experts)

“Bitcoin and other cryptocurrencies can be problematic in payment transactions when customers request refunds, as should the refund be paid in cryptocurrency or in the equivalent fiat? When prices have fluctuated significantly this can cause a good bit of contention between customers and merchants.”

This simple integration would allow retailers with such devices to accept payments in crypto alongside traditional fiat payments, increasing crypto’s use. The integrated module would be able to accept payments made with BTC, ETH, BNB, KCS, KNC, XEM and Pundi X’s own token NPXS. Zac Cheah, Co-Founder and CEO of Pundi X, stated regarding the partnership:

“Our mission of making blockchain technology and cryptocurrencies accessible to everyone has just taken a huge leap forward thanks to our partnership with VeriFone. With our XPOS software in VeriFone’s POS terminals, consumers will be able to experience safer and more seamless transactions using all major cryptocurrencies.”

READ ALSO: Singapore Crypto Tax: GST on Digital Payment Tokens to be Exempted

The press release further states that Pundi X has integrated their XPOS module with the Android-based POS module X990 made by VeriFone that also happens to be the leading producers of these devices around the globe.

Other concerns include the speed of a transaction. If each transaction takes around 10 minutes to complete, it might be problematic for shopkeepers to wait that long for each customer. Having practical scalability solutions might help with problems like these. For now, stablecoins can actually help with these issues, providing stable platforms for trade and payments. Kevin Kelly, Co-Founder at Delphi Digital, believes so:

“In the near-to-intermediate-term the short answer is yes. Despite all the great work being done to develop scaling solutions for bitcoin, the volatility of BTC is still too high for most day-to-day use cases. Stablecoins are, by definition, pegged to fiat currencies (USD, etc.) and as a results are far less volatile for transactional purposes. Before BTC is widely used as a medium of exchange, we believe it must first prove itself as a store of value. This further deters people from using it as transactional money if they believe the value of BTC will rise substantially as a result.”

READ ALSO: Bitcoin is Not a Mode of Payment, It’s an Investment

Apart from the aforementioned concerns, bringing crypto to everyday usage might actually bring mass adoption soon eliminating the volatility issue. Companies like VeriFone can have a two-way benefit system from such partnerships as well, as they are quick to introduce new technologies to their platforms which would attract a lot of crypto bulls. Yiannos Papadopoulos, Asia Pacific President of Verifone, stated:

“We’re excited to work with Pundi X in integrating its innovative technology within our devices. Having blockchain technology in the X990 will revolutionize how our partner retailers transact with a new generation of customers carrying cryptocurrencies.”

READ ALSO: Ripple & MoneyGram Partnership to Pave Way for Mass Crypto Adoption

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Shehryar Hasan

Performing artist, guitarist and sub-editor at BlockPublisher. Shehryar is an electrical engineer and blockchain enthusiast. He holds investments in bitcoin, ethereum, OST, TRX and Ripple. Email: shehryar@blockpublisher.com or contact the editor at editor.news@blockpublisher.com

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