FAMA Group, a conglomeration of organic food-based businesses, now accepts cryptocurrency in all related outlets via the point-of-sale device offered by London-based Pundi X.
The device is designed to make cryptocurrency usable in physical stores for everyday purchases. The device displays a price and scans the QR code from the customer’s mobile phone, processes the payment and then prints a receipt.
According to the Pundi X website, the device accepts money from other cryptocurrency wallets and can also download applications to add additional features.
CEO Zac Cheah told ZDNet Korea in an interview that 25,000 devices have been pre-ordered throughout Korea, Japan, Singapore, and Switzerland in the six months since the company completed its ICO.
The company’s cryptocurrency is called NPXS, and it has a market capitalisation of $298.5 million, according to coinmarketcap.com.
Why Ethereum Needs Layer 2 Solutions More Than EverGo to article >>
Cheah said: “In the next three years, we aim to shorten the supply of at least 100,000 units of fund-based POS terminals worldwide.”
He added that the product would be particularly useful in developing countries where large sectors of the population do not have a bank account. One of the problems with this is that people do not have a credit rating, something which blockchain technology can overcome by displaying that customer’s history.
At the same time, the company will focus on markets like South Korea where people are already accustomed to paying with mobile applications.
In June, $19.6 million worth of NPXS tokens were stolen from a small-scale South Korean cryptocurrency exchange called Coinrail. The company said at the time that this was roughly three percent of all the tokens in circulation.
After being stolen the coins were transferred to another exchange, which agreed to freeze the tokens after being notified. According to the post, IDEX was contacted and has agreed to freeze the relevant addresses.