A steady increase in the cryptocurrency adoption and development has been observed in Nigeria, Africa’s biggest Bitcoin market all thanks to Pundix. The Indonesian cryptocurrency and payments company has launched a point of sale terminal at a shop in Nigeria, which enables the people in the country to make purchases using cryptocurrency, including bitcoin.
Joetech Systems Ltd, a Nigerian importer, and distributor of agriculture products have adopted a sale payment system that the owners claim as ‘a first in Africa.’ The system is underpinned by cryptocurrencies such as bitcoin allowing shoppers’ to pay via virtual currencies. In addition, it also facilitates payments for goods and services on the XPOS terminal using bitcoin and three other virtual currencies, including ethereum. Notably, the payments are completed within seconds.
The Indonesian cryptocurrency and payments company Pundix, collaborated to launch the terminal. Reportedly, the company is in the process of shipping up to 5,000 XPOS devices to several countries including the UK, Colombia, Hong Kong, Korea, Switzerland, and Brazil.
The XPOS By Pundix
The payment system is working is quite similar to the traditional POS system, just the terminals are connected to the blockchain and settlements are made via virtual currency. Pundix states that XPOS supports transactions through mobile wallets and bank cards.
Michael Lawal, business development manager at Pundix, explains in a video demonstration, on September 28 how the new platform works, citing the Joetech Systems Ltd example. He says:
“I have 0.01 BTC and I am going to make a transaction of 200 Naira (Nigerian currency). The cashier provides three options – to pay either with cash, XPass card or XWallet. If you are paying with Xwallet you will need to scan a QR code. I am going to use XPass 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,”
A receipt is issued by the machine within seconds of completing the transaction indicating success. Lawala further mentions:
“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.”
First live #BTC-NGN transaction on XPOS terminal was successfully done in #Nigeria. Thank you @ndukwe_ezenwa, MD of Joetech system and our #NPXS contributors for your support and start #crypto adoption with #PundiX technology in #Africa. pic.twitter.com/aBEvPXxGcz
— Pundi X Labs (@PundiXLabs) September 28, 2018
The managing director of Joetech Systems Ltd, Ezenwa Ndukwe, did not made any comment at the time of the writing. Zac Cheah, the co-founder, and chief executive officer of Pundix Tweeted:
— Zac (@zibin) September 28, 2018
According to a report by the exchange platform, localbitcoins.com released earlier this year, the platform has experienced an upward of $260 million worth of bitcoin traded by Nigerians. Although the most populous nation of Africa is facing uncertainty in relation to the cryptocurrency due to issues with the regulators.
Previously, the Central Bank of Nigeria (CBN) has cautioned citizens against buying and selling cryptocurrency and has reiterated the same this week as well. The governor of the CBN, Godwin Emefeile, stated a meeting in Lagos
“We have not seen any country where cryptocurrency is regulated. We are not at home with cryptocurrency because there is no issuing authority…”
Nigeria is not singled out in this trepidation, quite a few nations across the globe have been issuing warnings against the digital assets, while some has even stepped up to upfront ban them.