Pundix Allows Nigerians to Make Purchases Using Cryptocurrency
Indonesian based cryptocurrency and payments company Pundix has introduced a POS terminal in Nigeria, allowing people in the West African country to make purchases using bitcoin. The move is seen as key to scaling up cryptocurrency adoption and development in Africa’s biggest bitcoin market.
Pundix Start Payments Go Crypto in Nigeria
A Nigerian importer and distributor of agriculture products has installed a POS payment system that is underpinned by BTC, in what the owners claim ‘is a first in Africa.’ In addition to using conventional currency, shoppers at Joetech Systems Ltd can now pay for goods and services on the XPOS terminal using BTC and 3 other virtual currencies, including ETH. The terminal has been launched in partnership with Indonesian cryptocurrency and payments company Pundix, which has shipped or is in the process of shipping up to 5,000 XPOS devices to several countries including Colombia, the UK, Korea, Hong Kong, Switzerland and Brazil.
Terminal Supports Transactions via Mobile Wallets and Bank Cards
Pundix, the XPOS maker, says the device supports transactions through mobile wallets and bank cards. The payment system works more or less in the same way as the traditional POS system, only that the terminals connect to the blockchain and settlements are made via digital currency. Michael Lawal, business development manager at Pundix, explains how the new payment platform works, at Joetech Systems Ltd in Nigeria. “I have 0.01 BTC and I am going to make a transaction of 200 Naira.”
The cashier provides 3 options to pay either with cash, XPass card or XWallet. If you are paying with Xwallet you will need to scan a QR code. I am going to use XPass card and pay using BTC. 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.
Lawal declared: That was the 1st live transaction in Africa, it happens in Nigeria. Blockchain adoption is very possible. We will continue to collaborate and partner with people who believe in the true adoption, scalability and speed of blockchain. Ezenwa Ndukwe, managing director of Joetech Systems Ltd, had not responded to our request for comment at the time of going to press. Pundix CEO, Zac Cheah tweeted that the “1st XPOS went live in Nigeria”.
Uncertainty in Africa’s Biggest Bitcoin Market
Nigeria is not only Africa’s most populous nation but also the continent’s biggest bitcoin and cryptocurrency users. Around $260M worth of bitcoin has been traded by Nigerians on just one exchange, localbitcoins.com. However, issues of regulatory uncertainty continue to cast a shadow over the future of cryptocurrency in the West African country.