Skip to main content

New POS Terminal by Pundix Allows Nigerians to Make Purchases in Bitcoin

New Pos Terminal by Pundix Allows Nigerians to Make Purchases in Bitcoin

Indonesian cryptocurrency and payments company Pundix has introduced a point of sale terminal at a shop in Nigeria, allowing people in the West African country to make purchases using cryptocurrency, including bitcoin. The move is seen as key to scaling up cryptocurrency adoption and development in Africa’s biggest bitcoin market.

Also read: Payments Platform Wirex Launches Iban For Spanish and French Users, Doubles Account Limits

Payments Go Crypto With ‘a First for Africa’, in Nigeria, by Pundix

A Nigerian importer and distributor of agriculture products has installed a point of sale payment system that is underpinned by cryptocurrency such as bitcoin (BTC), in what the owners claim ‘is a first for Africa.’

New Pos Terminal by Pundix Allows Nigerians to Make Purchases in Bitcoin

In addition to using conventional currency, shoppers at Joetech Systems Ltd can now pay for goods and services on the XPOS terminal using bitcoin and three other virtual currencies, including ethereum. Payment is completed within seconds.

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

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 virtual currency. Pundix, the XPOS maker, says the device supports transactions through mobile wallets and bank cards.

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 (Nigerian currency),” Lawal said, in a video demonstration, on September 28.

New Pos Terminal by Pundix Allows Nigerians to Make Purchases in Bitcoin

“The cashier provides three options – to pay either with cash, XPOS card or XPOS Wallet. If you are paying with Xwallet you will need to scan a QR code. I am going to use XPOS 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. You have two seconds lock in period to safeguard the consumer and the merchant,” he said.

As the machine issues a receipt within seconds of initiating the transaction, signalling success, Lawal declared: “That was the first 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 co-founder and chief executive officer, Zac Cheah tweeted that the “first XPOS went live in Nigeria…”

New Pos Terminal by Pundix Allows Nigerians to Make Purchases in Bitcoin

Uncertainty in Africa’s Biggest Bitcoin Market

With a population in excess of 185 million, Nigeria is not only Africa’s most populous nation but also the continent’s biggest bitcoin and cryptocurrency users. Nearly $260 million worth of bitcoin has been traded by Nigerians on just one exchange, localbitcoins.com, according to a report by the platform earlier this year. However, issues of regulatory uncertainty continue to cast a shadow over the future of cryptocurrency in the West African country.

The Central Bank of Nigeria (CBN), which has previously cautioned against buying and selling cryptocurrency, this week reiterated its warning. “We have not seen any country where cryptocurrency is regulated,” Godwin Emefeile, governor of the CBN, told a meeting in Lagos. “We are not at home with cryptocurrency because there is no issuing authority…”

What do you think about what’s going in the Nigerian cryptocurrency space? Let us know in the comments section below.

Images courtesy of Shutterstock and Pundix

The Bitcoin universe is vast. So is Bitcoin.com. Check our Wiki, where you can learn everything you were afraid to ask. Or read our news coverage to stay up to date on the latest. Or delve into statistics on our helpful tools page.

The post New POS Terminal by Pundix Allows Nigerians to Make Purchases in Bitcoin appeared first on Bitcoin News.



from Bitcoin News https://ift.tt/2OTW6Xz
Labels:

Comments

Post a Comment

Popular posts from this blog

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m...
10 comments
Read more

Ombudsman Receives Complaints About Crypto Investments in Spain

The Spanish ombudsman has been receiving complaints about cryptocurrency and how some Spanish citizens investing in these vehicles have lost everything. In his annual report, Angel Gabilondo recognized the rise of cryptocurrencies as a new problem due to the little or no regulation crypto sees in the country. In the same way, the EU has also warned about these assets recently. Spanish Ombudsman Gives His Take on Crypto Angel Gabilondo, the Spanish ombudsman, has given his take regarding cryptocurrencies and the effects they have on citizens investing in some of these projects. Gabilondo said in his yearly report that cryptocurrencies have become “a new problem” during the year examined, with many people having lost all of their funds invested. The report states : Cryptocurrency exchange companies or platforms are not regulated in the legal system, are not subject to any public supervision system, nor do they benefit from deposit guarantee systems. The affected users that sought...
Post a Comment
Read more

2021 Bitcoin Price Predictions: Analysts Forecast BTC Values Will Range Between Zero to $600K

As bitcoin has touched new price highs on Thursday nearing the $50k handle, people have been curious as to where the price will go in the future. Meanwhile, despite the gains so far, a number of luminaries, analysts, executives, and proponents from the crypto space believe the leading crypto asset will reach between $60k to six-digits this year. Mike Novogratz Predicts $100K Bitcoin: ‘Other CFOs and CEOs Are Saying, What Should We Be Doing?’ Satoshi Nakamoto’s invention has gained mass appeal in recent times as the leading digital asset bitcoin ( BTC ) has reached its highest value ever in 2021. On Thursday morning (EST), BTC spiked to an all-time high (ATH) at $48,697 per unit. Earlier in the morning at around 2 a.m., bitcoin was exchanging hands for $44,485 and saw an 8.98% increase since then. At the time of publication, at 6:30 p.m. (EST) on February 11, 2021, bitcoin (BTC) is swapping for $47,821 per coin. With BTC so close to the $50k mark, people have been forecasting ...
Post a Comment
Read more