Tuesday, May 21, 2024

Top blockchain firm from Indonesia forays into PH market

By Espie Angelica A. de Leon

Executives from Pundi X, a leading blockchain company from Indonesia and one of the top tech companies from Asia, are now engaged in talks with possible partner retailers in Manila to officially enter into the Philippine market where blockchain adopters are increasing.

Pundi X vice president Peko Wan

At a meet-up for the press, investors, and stakeholders held at Makati Diamond Residences on May 30, Pundi X representatives led by vice-president Peko Wan formally introduced their company which recently raised $35 million from a public token sale, their products, and the benefits of blockchain technology.

The event showcased the company?s blockchain-based point-of-sale system, the Pundi XPOS device for retail stores.

The device, which has an easy-to-use interface and camera, allows consumers to buy, sell, and make transactions using tokens and cryptocurrencies like bitcoin and ethereum. It connects to cryptocurrency wallet payment options including Qbao, X Wallet, and NEM Wallet and traditional mobile wallets like Alipay and Bitcoin.

It also supports cryptocurrency payment cards like the Pundi X Pass, an NFC card wallet which stores balances in several tokens and currencies.

The solution was designed to address the challenges associated with purchasing cryptocurrencies which remain complicated and unfamiliar territory to many.

?Our target is to make cryptocurrency more accessible to everyone ? buying, selling, spending,? said Pundi X?s blockchain expert Indra Winarta. ?Cryptocurrency must be as easy as buying a bottled water. It must be very convenient and easy to users and merchants as well.?

Aside from buying and selling tokens and cryptocurrencies, consumers may also use their cryptocurrency to make purchases, pay utility bills, and top up phone credits via the XPOS.

It accepts credit and debit cards as well, thus providing consumers with a choice between the traditional and digital modes of payment.

Additionally, XPOS supports retail intelligence and data gathering, inventory and order management, marketing and loyalty programs, and Digital IDs.

For the retail establishments carrying XPOS, these will translate to lower fees, lower liquidity, more customers, and a profitable revenue stream.

XPOS device models

According to Wan, even some governments now are considering making their own cryptocurrency for their respective countries to make transactions more secure and trackable, and these governments are looking into blockchain for this purpose.

?We see more and more things happening in the blockchain space,? she said. ?We think Philippines is actually quite open for the cryptocurrency operators.?

Wan added that they are confident there will be a mass adoption of cryptocurrency in the future. Currently, Pundi X?s XPOS solutions are in various business establishments in 31 countries. The company, which has offices in Jakarta, London, Taipei, Shenzhen, and Singapore, recently announced its partnership with the American Chamber of Commerce (AMCHAM) in Korea.

Under the partnership, AMCHAM has committed to support and promote the Indonesian tech firm?s solutions to its members which include McDonald?s, Nike, and Starbucks.


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