Nigeria Welcome First Crypto Tech

Nigeria New POS Terminal by Pundix Allows Nigerians to Make Purchases in Bitcoin
New Pos Terminal by Pundix Allows Nigerians to Make Purchases in Bitcoin
Emerging Markets.

New Point Of Service 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. With a view to spreading all over Africa and 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." This is pointing toward a more promising market in West Africa.