South African digital asset exchange DoshEx has partnered with Singapore-based blockchain payments provider Pundi X to bring cryptocurrency adoption to the streets of South Africa.
Announced in a press release on Monday, the partnership will see Pundi X‘s blockchain-based point of sale device, XPOS — and its corresponding payment card, XPASS — deployed across South Africa in a co-branded launch.
The XPASS card allows for easy access to digital currencies. Users can top it up with the cryptocurrency of their choice (currently Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), and Pundi X (NPXS), but the company plans to enable more coins in the future), or pair it with the XWallet mobile app to use that with XPOS devices instead. Performing a transaction with the card is as simple as tapping it on an XPOS device.
CEO of Pundi X Labs, Zac Cheah, described how the technology is an “easy, affordable access point into crypto for mainstream retailers and consumers.” Regarding the partnership with DoshEx, he added:
“Our partnership with DoshEx enables us to tap into the early-adopter market at pace as this Bryanston-based innovator has a proven track-record as a digital exchange and developer of blockchain-based solutions for leading corporates, including the South African arm of Virgin Money.”
As far as the co-branded roll-out in South Africa is concerned, participating merchants will set up the XPOS device on the counter and provide XPASS cards — which are activated for a one-time fee and pre-loaded by the vendor — with which users can then transact.
5,000 cards are to be made available for the first round of deployment, with further phases to be announced by the partners, DoshEx and Pundi X.
The VISA of Blockchain Payments
Pundi X are positioning themselves at the forefront of crypto payment processing. XPOS has seen shipments to over 25 countries, including Australia, Argentina, Korea and the United States. The company aims to have deployed 100,000 devices in total by 2021.
Indeed, the two largest concerns with retail adoption of cryptocurrency payments are transaction times and price fluctuations. The XPOS device processes transactions instantly and settles in fiat currency so merchants are not affected by cryptocurrency’s volatility.
Intercontinental Exchange, the parent company of the New York Stock Exchange, made headlines last August when they teased the launch of Bakkt, a cryptocurrency exchange set to have its payment processing technology tested in Starbucks. Regulatory concerns in the US — namely from the CFTC — have seen the service suffer from repeated delays, however.