Category Archives: BitCapital

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Crypto POS Comes to Nigeria, Reflects Global Trend

Nigeria is cashing in on its first crypto-based point of sale (POS) system which will enable users to pay in Bitcoin and Ether along with the country’s local currency, the Naira.

Globally the amount of such crypto-based POS systems is on the rise, with Indonesian payment company PundiX hugely influential in facilitating the spread. POS provider PundiX, has also recently announced a partnership with Hong Kong group FAMA to improve retailing using cryptocurrency for purchasing organic foods throughout the company’s chain.

Such solutions for mainstream consumers will simplify cryptocurrency transactions, enabling retail outlets to install their POS devices for speedy acquisition or spending of major cryptocurrencies and could become the future for both retailers and consumers.

The same company has finalized a POS deal with Brazil’s BitCapital that will see 1,000 X POS devices distributed to hundreds of retail outlets there. BitCapital states one of its main goals as creating an infrastructure network that can make cryptocurrency to fiat transactions as straightforward as it’s achievable.

PundiX’ move into the African continent is unsurprising given recent attention by fintech companies eying the opportunities for business in the sector. Michael Lawal, business development manager at PundiX, explains the simplicity of how the system works, talking a user through a demonstration of the first live transaction in the African continent:

“I have 0.01 BTC and I am going to make a transaction of 200 Naira …The cashier provides three options – to pay either with cash, XPOS card or XPOS Wallet. If you are paying with Xwallet you will need to scan a QR code…Once you choose your payment option, the cashier automatically calculates the rate of conversion using current market rates to the local currency, which is Naira. You have two seconds lock-in period to safeguard the consumer and the merchant.”

The system only takes seconds to confirm a transaction issuing an instant receipt outlining all of the details of the payment.

Nigeria could become a major fintech center given that the country holds Africa’s largest contingent of Bitcoin users and has a population of 185 million, representing the continent’s largest population of potential users and investors. Local Bitcoins is reported to have seen a trading volume of $260 million in this year to date.

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Brazil to Receive 1,000 Multi-Crypto Point of Sales Terminals

Brazil is set to receive 1,000 point of sale (POS) terminals that can accept multiple cryptocurrencies as payment.

Indonesian POS terminal suppliers Pundi X Labs have finalized a deal with Brazilian company BitCapital that will see 1,000 X POS devices distributed to hundreds of retail outlets, according to a joint press release. BitCapital states one of its main goals as creating an infrastructure network that can make cryptocurrency to fiat transactions as straightforward as is achievable.

Pundi X recently established headquarters in Sao Paulo, Brazil, with this being the company’s second distribution deal; 1,000 X POS units are also planned to be distributed in Colombia over a period of six months. Recent trends of Bitcoin adoption in South America indicate there is a growing market for the cryptocurrencies, with a growing number of retailers accepting cryptocurrency payments surely welcome to those living across the continent.

Zac Cheah, CEO and co-founder of Pundi X described the region as quickly gaining a reputation as being central for cryptocurrency adoption, calling Brazil, in particular, an ”ideal point of entry”, saying the demand from merchants has validated the company’s decision to expand into South America.

Ricardo Guimaraes Filho, founder of BitCapital believes there is still a lot of room for cryptocurrency to develop in Brazil. “Brazil and Sao Paulo lead on every metric when it comes to traditional finance and tech in South America. Yet, crypto lags unaccountably behind,” he said, blaming an anti-crypto attitude from banks as the real problem hindering adoption.

A positive move for South America

Getting 1,000 POS terminals active in retail outlets across Brazil and Colombia respectively is certainly a step in assisting adoption across the continent as residents are given more ways to spend their cryptocurrency funds on a day-to-day basis.

Bitcoin News recently spoke to Bitcoin Venezuela founder Randy Brito who described one of the main struggles of Bitcoin adoption in Venezuela as the lack of proper tools stopping citizens even having cryptocurrency wallets. One of the projects his non-profit is working on includes creating cheap devices that can be kept in every house and shop, working on their own network rather than relying on Wifi, that can be used for instant Bitcoin sales or exchanges.

While POS terminals are a good option for the more affluent regions of South America, it is perhaps not the most accessible way for the regions that suffer from a harsher economic climate as many people cannot afford to have and keep smart devices with them. A combined approach may be the best way to assist wide-scale adoption on the developing continent.

 

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