Pundi X, a blockchain-based Point-of-Sale (POS) provider, has announced a partnership with Hong Kong group FAMA to improve retailing using cryptocurrency, writes Global Finance and Banking Review (GFBR).
The outcome of the partnership with FAMA, the organic food restaurant chain, will be a POS smart device enabling consumers to access easy purchasing using digital currency via cryptocurrency-to-fiat or crypto-to-crypto transactions.
Such solutions for mainstream consumers will simplify cryptocurrency transactions, enabling retailer 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 Pundi X device will allow consumers access to BTC, ETH, NPXS, and other cryptocurrency using fiat money. According to GFBR, purchased cryptocurrency can be stored in the physical card wallet, or used to make cashless payments to top up phones, pay utility bills or buy goods, subject to local regulations in each market.
A promotion is currently underway in Hong Kong at four FAMA restaurants around the city: Locofama, Sohofama, SUPAFOOD and the Hive Café. Those trialing PundiX pass cards pre-charged with a pre-loaded giveaway will be able to use cryptocurrency to purchase coffee, snacks, beer or a full meal free of charge up to the value of each card using the preinstalled devices at one of the four restaurants.
Larry Tang, founder of the FAMA Group sees the POS system as a great boon for the company and the future of simple payments for services. He explained:
“Our restaurants celebrate traditional methods in our cuisine, but we also see ourselves as innovators and are pleased to be on the frontline in enabling customers to settle their bill with Bitcoin or Ether-based cryptocurrency by using a secure payment option such as the Pundi X POS.”
Pundi X co-founder and CEO Zac Cheah was equally optimistic amount the merger:
“This is the first of many partnerships that we will be setting up across Asia to encourage more widespread use of cryptocurrency in the retail economy over the longer term.”
Cheah explained that East Asian adoption of cryptocurrency was the highest in the world, but despite this, there were limited channels for spending digital currency. This was something that such devices would change, making retailing using cryptocurrency far more accessible to both seller and purchaser.
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