The large-scale adoption of Bitcoin and cryptocurrency payment is in the offing at an Indonesian start-up. The Pundi X POS device is set to be utilized by Hong Kong retailers to accept digital currency payments. Zac Cheah, CEO and co-founder of Pundi X said this move would expand retail payments using Bitcoin and digital that runs in contrast with the present position of the Indonesian government that virtual currencies are not accepted as payment.
“Hong Kong is the perfect place for us to do a test drive before a large scale roll-out as there are many tourists, expats, and early tech adaptors,” said Cheah.
He added they plan on deploying 5,500 point-of-sale (POS) devices across the globe by August, surpassing Pundi’s network of digital currency sales device than that of the current number of Bitcoin ATM globally.
Similarly, the company also has plans on building its virtual currency sales network in Hong Kong with 5,500 POS units before the end of next month. Initially, Hong Kong restaurants and cafes have agreed to use the firm’s POS to accept Bitcoin and cryptocurrency payments.
Last week, Hong Kong’s FAMA Group said that four of its restaurants would start accepting crypto-charged cards using Pundi X retail devices. FAMA Group is focused on offering organic foods to its clients. The company also announced it would give away X PASS physical cards pre-charged with several cryptocurrencies that they could use at Sohofama, Locofama, SUPAFOOD, and the Hive Café in the city.
FAMA Group founder Larry Tang commented:
“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.”
According to Pundi X, it wants to establish itself as the “7-Eleven or the Wal-Mart (NYSE:WMT)” of the digital asset space by building a payment network that would allow customers to use its POS device to pay for purchases using digital currencies.
But the company is anchoring its future on the hope that Indonesia would eventually lift its ban on crypto payments in the next three years.
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