Pundi X (PXS)

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Pundi X (PXS)

Berichtdoor neku » 04 Sep 2018 20:08

What Is Pundi X?

One of the main problems facing all cryptocurrencies that aspire to be an everyday form of money is merchant adoption.

It’s a chicken-and-egg problem of stores not feeling too motivated to accept cryptocurrencies if no one is going to buy anything with it, and consumers not seeing much advantage in using cryptocurrencies over traditional money if no store accepts them.

Wallets for consumers are not so complicated, so any person who has cryptocurrency and is motivated to carry it around for spending can simply download an app for their phone and be ready to go. So one side of the chicken-and-egg problem is largely held back only by a lack of interest. With more stores offering cryptocurrency purchases, that side of the problem might resolve on its own.

Stores, however, have more complicated considerations. They need to be able to attach specific sales events to their stock or services, they need to produce records for tax purposes, they need systems that can integrate with their existing business systems, they need to have interfaces easy enough for both staff and customers to access, and there are more considerations. Creating a point of sale system that can drop into the existing framework a store has established is a lot harder than simply downloading an app.

With many stores also not seeing the benefit of cryptocurrencies, and a lot of potential risk in terms of volatility, an appealing solution has to be so easy to set up that it can almost drop in without barely any setup. Only if a system can transition into operation so smoothly that it does not risk disrupting any other processes, so that stores can view cryptocurrency adoption as merely an option to add and not any kind of change to their business, then cryptocurrency adoption could potentially flourish among merchants.

What Does Pundi X Do?

Although they started with a mobile wallet application, the real thrust of Pundi X is a hardware Point-of-Sale, or POS, system for accepting cryptocurrency. They currently have a machine that sits on top of a counter, called XPOS, with two screens: one for the merchant and one facing the customer. It has an RFID chip, it can print receipts, and it displays QR codes for people to pay using their wallet apps.

Pundi X is also issuing a card that can store cryptocurrency amounts. It’s the same size and shape as a credit card, so it is familiar in form and function to people who are new to cryptocurrency. The card is called the XPASS, and there are actually two cards that come in a set. One contains private key information for making withdrawals and deposits on and off the cards. The other is for everyday use, and can only be used for making purchases.

In the future, Pundi X plans to develop a smaller, hand-held version of its XPOS device, called the XPS Handy, presumably for servers in restaurants or other staff who need to execute purchases around the store, not just at the cash register. They also have a larger XPOS Desk, which would be for self checkout situations, which are increasingly being utilized in grocery stores and other retail businesses.

Pundi X is decidedly a hardware company. But they do have a back-end as well, involving their own version of Android v7, which is an environment in which developers can create apps for XPOS devices to meet specific retailer needs. They also have a token, PXS, which exists to manage transactions on the XPOS network.

However, they do not have any specific blockchain solution for managing stock or supply chain. Their focus is entirely on the customer facing end of making it possible for consumers to make purchases with cryptocurrency.
History of Pundi X

Pundi X originates in Indonesia, and while cryptocurrency exchanges are permitted, cryptocurrency payments for goods and services are currently banned by the government. Pundi X is able to deploy their hardware without breaking the law because their POS system defaults to accepting payments from non-cryptocurrency systems, like bank cards and Apple Pay.

However, they are betting heavily on the belief that the Indonesian government will lift its ban within a few years, at which time the cryptocurrency option can be enabled. In such an event, Pundi X will have a large network of pre-installed systems ready to capitalize on the Indonesian market.

In the meantime, they’re planning to expand elsewhere in the Asian market over the next 3 years, specifically Thailand, Singapore, Malaysia, and Japan, and then move into American and European markets. They plan to have upwards of 200,000 devices installed in that time.

The Pundi X team

The About page of Pundi X only shows their 5 senior management members, but they claim to have 150 staff members around the world, half of which they say are focused on research and development.

A list of advisors can be found elsewhere, where a heavy emphasis on a local Indonesian network is revealed. Pundi X also has partnerships with a variety of tokens and POS systems, such as Qtum, Stellar, Chynge, and UTRUST.
Competitors and Challenges

A significant challenge for Pundi X is that just about any device with a screen can display a QR code, and just about any phone with an RFID chip can be used to transmit a transaction. It is already possible to buy a cheap USB device that will sit on a counter and communicate with an RFID chip, so it would seem the hardware aspect of executing a cryptocurrency transaction is already available.

Accepting cryptocurrency in a store is much more about the backend systems organizing received data into the flow of existing business processes. To that end, Pundi X may be able to leverage their expertise in building POS systems, but if they make their hardware inseparable from their other services, they might be at risk of losing out to software companies using existing hardware, who could potentially deploy more easily and for cheaper.
How to Purchase and Store PXS

The Pundi X token is called PXS, and people using the Pundi XPOS system must use at least some amount of PXS in order to facilitate transactions. It can also be used as “gas” to pay for transaction fees using other cryptocurrencies.

While it is not a security, its function as a currency token to pay for services seems somewhat perfunctory, as it is scarcely mentioned in Pundi X documentation. Issuing PXS did help Pundi X raise US$35 million in their ICO in January 2018, and that was probably the main driving purpose for its existence.

They do have a somewhat complicated proposal for the total supply. The total supply will be finalized after January 2021, and they estimate a maximum possible total supply will be the total circulating supply at that time, multiplied by 3.333. This means it is not possible at the moment to specify exactly how many PXS will exist, but there will eventually come a time when the supply is capped.

PXS is an ERC-20 token, and it can be stored on any compatible wallet. It is available for purchase on selected exchanges such as Binance, LAToken, and Bit-Z.
Conclusion

Any advocate of cryptocurrency will readily admit that merchant adoption is a major problem faced by all aspiring blockchain-based currencies.

The challenge Pundi X faces is not so much with regards to the functionality or efficacy of their system, though they will have to work hard to justify their hardware. The challenge is more to do with convincing merchants that cryptocurrency adoption is something that will help drive sales. While every cryptocurrency advocate would love to live in a world where cryptocurrencies were used with ease everywhere, it’s less clear that the rest of the world agrees.

It’s not the case that there is resistance to the idea of cryptocurrency among merchants, it’s a matter of apathy. Exactly how will it make a store more profitable to make cryptocurrency an option for consumers, and is that upside of cryptocurrency use worth the downside of learning how to use it and implementing the hardware and procedures?

This brings us right back to the chicken-and-egg problem, where stores would jump at using cryptocurrencies if consumers were constantly asking for their acceptance. But the consumers are not there yet, so why should merchants make the first step?

Whether or not Pundi X’s devices or systems work as well as can be hoped will be discovered through their use and adoption. Assuming the best, it seems their success will be somewhat tied to how the average consumer and store feels about cryptocurrency. It’s less likely that Pundi X will drive cryptocurrency adoption as much as reflect it. If you believe in the inevitable rise of cryptocurrencies, then their future could potentially be very bright.

https://pundix.com/pdf/PundiX_Whitepaper_EN_Ver.pdf

https://pundix.com/

https://www.bitworld360.com/2018/09/03/what-is-pundi-x/
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Re: Pundi X (PXS)

Berichtdoor neku » 04 Sep 2018 23:47

Pundi X technology to debut in the Middle East following partnership with ebooc

Partnership targets rollout of NexGen POS devices to customers for payment of bills, school fees, utilities and more

DUBAI, United Arab Emirates and JAKARTA, Indonesia, Aug. 1, 2018 /PRNewswire/ -- Pundi X, the leading developer of a blockchain-based point of sales ("POS") allowing consumers to pay for real goods in multiple cryptocurrencies, will make its debut in the Gulf and Middle East following a partnership with the country's first regional fintech company: ebooc.
Signing MOU between Pundi X CEO and co-founder Zac Cheah (sitting left) and the CEO of Digital Force and co-founder of ebooc Abdalla Al Shamsi (sitting right) in Jakarta. Standing from Left to Right : Micheal Lawal Business Development Manager at Pundi X, Rudy Danandjaj CEO of Infinet Mobile & President Commissioner of E2Pay, Pundi X President, Constantin Papadimitriou, MD Bchain, and ebooc co-founder Sunil Malhotra
Signing MOU between Pundi X CEO and co-founder Zac Cheah (sitting left) and the CEO of Digital Force and co-founder of ebooc Abdalla Al Shamsi (sitting right) in Jakarta. Standing from Left to Right : Micheal Lawal Business Development Manager at Pundi X, Rudy Danandjaj CEO of Infinet Mobile & President Commissioner of E2Pay, Pundi X President, Constantin Papadimitriou, MD Bchain, and ebooc co-founder Sunil Malhotra

Pundi X and ebooc will work closely on developing digital payment gateway services for governments, financial institutions and major corporates in the Gulf and Middle East as well as broader business lines such as blockchain-based customer loyalty programs and NFC contactless payment options.

The collaboration will bring consumers in Dubai, UAE and the broader Middle East and Gulf region the ability to conduct real time commerce through digital payments using their mobile wallets, eliminating the need for traditional payment methods.

This technology also has the potential to transform value-added tax (VAT) collection for governments in the Gulf and Middle East as blockchain technology allows for instant computation and collection of a recently-introduced VAT in the region. Ebooc forecasts the introduction of instant VAT computation as holding major benefits for merchants and governments alike and bringing substantial efficiencies in reduced manpower devoted to audits, assessments and implementation.

Pundi X and ebooc will provide several other uses for consumers such as making retail payments; paying for government services, fees and fines; utilities and bills; telecommunication bills and school fees on POS devices running a stable, digital equivalent of traditional fiat currencies in the region.

The two companies will rollout secure and seamless payments to clients and customers via a single NexGen payment portal, offering increase functionality at substantially lower running costs to market leading solutions.

The move brings Pundi X's world-leading, blockchain-based POS technology, XPASS card and e-wallet to the Gulf, Middle East and North Africa region for the first time with ebooc as the official partner under the terms of the strategic partnership agreement.

Following meetings in Dubai and Jakarta, a Memorandum of Understanding was signed between Pundi X CEO and co-founder Zac Cheah and the CEO of Digital Force and co-founder of ebooc Abdulla Al Shamsi, to commit to the deployment of a soon-to-be-announced number of Pundi X devices across the Middle East.

Abdalla Al Shamsi said: "We envisage consumers in the UAE being granted the ability to make retail payments for school fees, utilities and other necessities from a world-leading blockchain-based POS device provided by Pundi X".

Cheah said: "We are delighted by this partnership in a nation-state that has long been considered a by-word for modernity and innovation.

"This latest project confirms that Dubai is yet again a source of global leadership, this time in the emerging field of blockchain-based payments technology, with the potential to forever change the way consumers make secure, digital payments."

Sunil Malhotra, the Managing Director Bchain and co-founder of ebooc said: "An ebooc – Pundi X partnership will deliver a differentiated customer experience through innovative features, seamless integration, loyalty solutions, enhanced security and greater convenience to governments, businesses and consumers in Dubai, UAE and the region to make financial transactions on the NexGen platform in a smart way, bringing together various service providers under one platform.

"There is no better way to announce Pundi X's arrival in the Middle East and North Africa than with a partnership with ebooc in Dubai - the region's technology hub".

Further details of the partnership will be announced following the development and testing of technology with relevant government departments and regulators.

For more information on this PR please contact Pundi X press@pundix.com or ebooc at: sunil@ebooc.io

About Ebooc Fintech & Loyalty Labs LLC

ebooc, from the Arabic word for e-wallet, is the first Emirati fintech company to establish a presence across the broader region. It aims to provide a secure and seamless payment experience to clients and customers which runs on NexGen technology as a decentralized, distributed ledger which creates trust, improving efficiency levels. Its solution for retail outlets can be channeled to the governmental organizations, creating a high level of trust and transparency.

About Pundi X

Pundi X (Currency: NPXS), a multi-cryptocurrency point-of-sale ("POS") solution provider, empowers blockchain developers, exchange platforms, crypto traders and token holders to buy, sell, and spend cryptocurrency at any physical store in the world. The company's solution also enables the retail store owners who are seeking to accept digital currencies so that they can do 'cryptocurrency to fiat' or 'crypto to crypto' transactions for the mainstream consumers.

The company is aiming to roll out more than 100,000 blockchain-based POS devices worldwide in a major challenge to the status quo of the US$ 2.2-trillion global retail payments market.

Headquartered in Jakarta, Pundi X has offices in London, São Paulo, Shenzhen, Singapore, Seoul, and Tokyo. For more information, please visit https://pundix.com/.

https://www.prnewswire.com/news-release ... 90160.html
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Re: Pundi X (PXS)

Berichtdoor neku » 10 Sep 2018 11:54

Crypto Startup Pundi X To Power Blockchain Payments at Ultra Music Festival in Taiwan

Leading blockchain payments provider Pundi X and its XPASS card platform will power transactions for over 30,000 XPASS holders at the annual Ultra Music Festival in Taipei, Taiwan.

Ultra Attendees Can Pay with XPASS at 35 Retail Outlets

The largest independent electronic dance music festival promotion in the world, Ultra Music Festival, will see their annual Taiwan show become the testing grounds for an exclusive partnership with Indonesia-based cryptocurrency startup Pundi X to power blockchain-based payments for attendees.

Over 30,000 XPASS cards will be available for attendees to purchase and use at Pundi X’s XPOS blockchain payment terminals found at 35 different festival shops. The cards can be used to purchase everything from food to festival merchandise such as T-shirts and other gear.

CEO and co-founder of Pundi X, Zac Cheah hopes the integration of his firm’s blockchain technology will demonstrate real-world usage of cryptocurrencies like Pundi X. He calls it a “major moment for mass adoption,” adding:

“In a little more than two weeks time these doubts can be laid to rest when 30,000 party goers against the hectic backdrop of this year’s Ultra Taiwan festival pay for drinks, food and merchandise using Pundi X technology.”

Last year’s Ultra Taiwan saw the attendance of over 27,000 people. This year is the fifth anniversary of the show, taking place at Da Jia Riverside Park, Taipei, Taiwan on September 8 and 9. The festival features notable EDM DJs and producers DJ Snake, Marshmello, Galantis, Alan Walker, and many more as headliners.
There’s Another Music Festival on the Block(chain)

It’s not just Ultra Music Festival that’s looking to blockchain to underpin transactions.

EDM DJ, producer, and early Bitcoin investor 3LAU, whose real name is Justin Blau, is launching his own cryptocurrency token, the OMF token, at the upcoming Our Music Festival taking place on October 20 at the Greek Theatre at UC Berkeley.

Pre-sale tickets for the event were offered exclusively to crypto holders, with payments in Bitcoin, Litecoin, Bitcoin Cash, and Ethereum accepted.

Blau aims to create an OMF-based ecosystem that rewards artists and fans for attending events, buying tickets, offering feedback, and overall participation in the “experience.” Blau looked to blockchain’s trustless immutable ledger technology as a deterrent against ticket-related counterfeiting and scalpers who inflate prices. He also expects blockchain technology to “eliminate a lot of the inefficiencies” he experiences in his career in the music industry.

Blau passed on a career working for BlackRock investments to pursue a career in music. Around that time, Blau met Cameron and Tyler Winklevoss who introduced him to Bitcoin and started his love affair with the emerging technology. Nearly five years later, Blau is launching his own cryptocurrency and dipping his toes back into the world of finance, all while still surrounded by his passion in music.

https://www.newsbtc.com/2018/08/21/cryp ... in-taiwan/
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Re: Pundi X (PXS)

Berichtdoor neku » 14 Sep 2018 22:27

Pundi X CEO Sees Blockchain as Solution for Bankless Masses

For most people in the developed world, the idea of being unable to use a bank is far-fetched. In the developing world, things are very different. Pundi X was founded on the idea that people who don’t have enough money to use the normal banking system still need access to financial services. At first, Pundi X worked along the same lines a platform like Alipay, but their management team soon realized how powerful a force blockchain could be in the developing world’s financial markets.

Pundi X

Zac Cheah, the CEO of Pundi X, recently told Blockonomi why his company is using blockchain to further its goals,

“The idea of using blockchain to help the unbanked is at the very core of Pundi X’s reason for being. In Indonesia half the population do not own a bank account. The cost, distance difficulty involved in acquiring these documents makes it practically impossible for the majority of people to open an account.”

The sad fact is that banks aren’t a public service. As a for-profit entity, banks have no responsibility to help the poor access their services. Banks can also discriminate against people they think may not generate enough income, which makes accessing financial services nearly impossible for people that could really use low-cost options.

Pundi X Could be Part of Real Change

Blockchain has a number of advantages that could make it the default platform for fintech going forward. Unlike traditional record-keeping, it eliminates the need for most human oversight. The economic upshot to this is far lower costs, and less room for human error.

For the global population that is “bankless”, the gains in efficiency that blockchain creates are a doorway into a much higher level of accessible financial services. Pundi X appears to recognize the opportunity to help the world’s poorest people, while cementing themselves in a market that is absolutely enormous.

A View From the Trenches

It should be clear that the established financial system hasn’t created solutions for the world’s poor. Part of this is due to the costs associated within the banking system, and part has to do with the costs involved in achieving regulatory compliance as a customer.

Mr. Cheah expanded on the issues the bankless poor face,

“For many people, banking is unreachable because of all the documentation required to open account. The cost, distance difficulty involved in acquiring these documents makes it practically impossible for the majority of people to open an account. Many of the obstacles relating to being a member of the so-called ‘unbanked’ relate to documentation or provability of wealth.”

But according to Mr. Cheah,

“Blockchain technology will provide a means for establishing credit histories for these individuals independent of the financial institutions by providing an immutable record of their incomes and credit histories. It will make them independent of financial institutions.”

Access to financial services is about much more than generating individual prosperity. With a population of more then 260 million people, the unbanked population there is larger than the total population in many nations. Indonesia isn’t the only place that has a huge number of citizens that aren’t able to use traditional financial service providers, which puts a strain on the society as a whole.

How Blockchain Works for Everyone

When the poor are able to access financial services, new kinds of social development are probably going to be possible. People who are stuck in a cash-only economy generally have to pay more, for less efficient systems.

Take transferring money as an example. If a person doesn’t have a bank account, and has to send money to another bankless person, a service like Western Union or Money Gram are among their only options. These platforms are expensive, and also can be time consuming.

Using a platform like Pundi X is nearly instant, and is much cheaper than normal, cash-based transfer services. Additionally, blockchain based platforms open up the world of micro-loans to the people that can really put them to good use. It is impossible to know how this change in fintech accessibility will help the global poor, but it is likely to empower people to a degree that would be impossible without the efficiency that blockchain enables.

https://blockonomi.com/pundi-x-bankless/
The aim of education is the knowledge, not of facts, but of values!