South African cryptocurrency exchange DoshEX announced this Monday that it is partnering with Pundi X to provide point-of-sale (PoS) cryptocurrency payments.
A payments system developer, Pundi X sells PoS cryptocurrency machines. The firm also has cards, which it calls XPASS cards, that can be used to make purchases in cryptocurrency.
To facilitate payments with those cards, the payments company also offers a cryptocurrency wallet that can be accessed and topped up with via a mobile application.
This means that a user could, potentially, use the company’s solutions in much the same way Brits have embraced challenger banks, with prepaid cards and mobile accounts, such as Monzo and Revolut.
“Many big businesses already access the crypto benefits of trusted record-keeping transactions,” said Zac Cheah, the chief executive officer (CEO) and co-founder of Pundi X Labs.
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“Now, an XPASS card loaded with crypto enables ordinary people to embrace the crypto-future, including millions of unbanked South Africans.”
Pay with a tap
In order to make a payment with one of Pundi X’s PoS systems, a user simply taps their XPASS card on the machine. The machines can also be set up to accept fiat currencies.
Customers can get an XPASS card from Pundix X but any retailer that orders one of the crypto firm’s PoS systems can also provide cards to their customers.
The partnership with DoshEX means both brands will play a role in bringing the payments systems to the South African market.
“The ability to readily transact in crypto is a vital step in digital currency development. Soon it will be the norm for the public to buy, hold and sell crypto,” said DoshEX CEO Alex de Bruyn.
“Borderless transactions and transfers will be easy, without the high costs traditionally associated with these activities.”