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.
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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.’
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
