PayPal To Be Available On Pundi X’s Blockchain-Based POS Devices
Singapore-based blockchain developer Pundi X has currently declared that its blockchain-based point-of-sale device, the XPOS, is now capable of supporting PayPal. Deployed in over 30+ countries worldwide from Japan to Brazil, the XPOS® has been offering scores of brick-and-mortar stores with an alternative payment method to cash by enabling them to securely and efficiently transact on the blockchain.
The new development idea came about after Pundi X ran an official Twitter poll asking their followers which mobile payment app they’d prefer to see first supported on the XPOS. Amongst the choices were other platforms such as WeChat Pay/Alipay, GoPay, and PayTM but PayPal got an overwhelming majority of the vote, with nearly 70% of all respondents choosing the California-based service.
Since 1998, PayPal has provided millions across the globe with a way to transfer funds online and has offered an efficient alternative to conventional paper methods for online vendors, auction sites, and countless more. Its inclusion on XPOS machines will make it more comfortable for both merchants and consumers to streamline their transactions.
“This is definitely exciting for us,” said Pundi X CEO and co-founder Zac Cheah in a statement. “To be able to support a leading online payment provider in our XPOS devices can give people more confidence in using them, and can move usage of blockchain technology closer to the mainstream.”
PayPal on XPOS® devices will work in pretty much the same way as anywhere else. The online finance platform’s essential characteristics will be operative on XPOS devices, including accepting payments. This characteristic will include payments made by email or mobile phone number. In the US, merchants will only have to show a specific QR code for their consumers to pay. PayPal Here, on the other hand, provides characteristics for merchants to accept credit card payment.
PayPal’s inclusion of XPOS® devices brings more than just smooth transactions. It also indicates that users can quickly purchase cryptocurrencies such as BTC, BNB, ETH, NPXS, etc. at any XPOS merchant who has initiated the device’s “Crypto Sale” feature. These coins can then be securely stored in an XPASS Card, which makes dealing with cryptocurrency as simple as utilizing the card to perform a transaction. The use of the XPASS can also be paired with Pundi X’s XWallet app for better management.
It should also be noted that this comes off the back of a current cryptocurrency boom. Investors across the globe look to move into the cryptocurrency market as concerns mount over the value of fiat currencies post-COVID-19. The deployment of PayPal on XPOS® will be in two stages.
XPOS® merchants in the US can apply for PayPal Here inclusion by sending their IMEI numbers to firstname.lastname@example.org. Merchants are expected to set up a PayPal Business account to activate credit card payment. Also, in this installation, XPOS® assists keyed transactions only. The swipe credit card transaction is not supported.
The second stage is that XPOS® merchants will have a PayPal app undeviatingly on XPOS® devices by system upgrade. According to Zac Cheah, PayPal’s incorporation also puts the company one step closer to its vision of making cryptocurrency accessible for everyone. “It’s always been our belief that cryptocurrencies simply hold various advantages that fiat money does not,” he explained. “Aside from better transactions, of course, we see cryptocurrency as something that promotes financial inclusion. Combine PayPal’s massive user base with the fact that our XPOS® devices are now operating in 30+ markets globally, and you could start seeing situations were dealing in crypto is as trouble-free as buying a bottle of water.”