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While consumers have long been used to the convenience of paying for purchases and services with debit and credit cards, the option to pay by card in a cryptocurrency of their choice has generally been unavailable. In addition, though many blockchain-based platforms are gearing up to provide the option of online transactions in a range of cryptocurrencies, secure offline payment systems for use in stores have so far proved elusive.
This is where Pundi X and UTRUST come in. The two companies recently signed a deal in Singapore to bring a safe cryptocurrency payment solution to the mainstream consumer market. By joining forces and pooling their expertise in both software and hardware development, they hope to establish a trusted offline global payment platform with a strong focus on convenience, security, and speed.
A Combined Hardware and Software Solution
Pundi X’s main area of expertise is POS (point-of-sale) solutions and its flagship product is Pundi XPOS, a blockchain-based POS system that gives merchants the facility to trade in multiple cryptocurrencies, thereby offering consumers the convenience of offline transactions. Nearing full production, in a few weeks time, Pundi XPOS will start shipping to Singapore, Switzerland, Japan and other markets. The company has enjoyed previous success with Pundi-Pundi, its popular QR code-based payment app which boasts a userbase of over 100,000, with over 600 retailers in Jakarta signed up to the system.
UTRUST, for its part, lays claims to being the first consumer-focused cryptocurrency payments system in the world and aims to make its platform a secure and convenient global standard like PayPal. According to the developers, UTRUST makes use of an innovative purchase protection system which is designed to develop trust between merchants and consumers.
Under the deal, UTRUST is committed to ordering 1,000 units of Pundi XPOS. From its side, Pundi X will use UTRUST technology for handling account settlements and will also benefit from access to liquidity provision via its partner for transactions conducted on Pundi XPOS devices. The partnership between means that over 25,000 units client-ready units are now on order by retailers worldwide. Looking to the future, Pundi X’s goal is to sell 100,000 devices over 3 years, significantly increasing its user-base.
How the Two Partners View the Deal
CEO and co-founder of Pundi X, Zac Cheah said that partnering with UTRUST as our merchant payment settlement gateway is a substantial addition to Pundi’s XPOS and grants us a trusted provider for liquidity, but also for customer security.
Nuno Correia, CEO of UTRUST stated that the company has always been committed to enabling the use of fast, easy, and secure cryptocurrency payments. To partner with Pundi X and use its XPOS technology will help us immeasurably in achieving this goal.
A Marriage Made in Heaven
Though UTRUST and Pundi X are both entering the partnership from quite different angles, they each share the vision of bringing a convenient and secure blockchain-based offline payment solution into the mainstream. If they can effectively leverage their combined expertise in hardware and software, and in the process, provide a holistic, viable and attractive payment platform for consumer and retailer alike, the partnership could prove to be a fruitful one.