Pundi X, a cryptocurrency point-of-sale (POS) technology provider, has partnered with both Ebooc Fintech & Loyalty Labs LLC and emcredit to allow citizens of Dubai to pay for schooling, groceries, utility bills, rent etc. in emcash – a digital stablecoin issued by emcredit. Pundi X is built on the NEM blockchain, a blockchain providing near-instant settlement times and negligent transaction fees (.01%).
The POS device, XPOS, provides a user-friendly interface, enabling such digital currency payments to be accepted by businesses and governments. These devices also enable the purchasing of cryptocurrencies on the spot. Payments can be made with either mobile wallets or by using the Pundi X supplied XPASS card where encrypted private key information is stored.
The CEO of Pundi X, Zach Chea says,
“Bringing blockchain-based payments technology into the government sphere is a major development for the technology. But to be able to bring it to one of the great cities of the world and the most advanced economy in the Middle East makes today an historic moment for the real-world application of a technology that has promised so much potential until now. We are very proud to partner with emcredit and to support its vision for supporting its customers through technological innovation”
Pundi X has plans to ship 100,000 XPOS devices to more than 12 countries over the next year.
Dubai is the first to allow their citizens to pay for various services and is a testament to the progress cryptocurrencies and blockchain technology has made in 2018. These are the beginning phases of mass adoption.