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A South African crypto exchange has partnered with an international blockchain-based payment processing firm. The merger between DoshEx and PundiX will allow early cryptocurrency adopters to spend their holdings in real-world locations in South Africa.
With millions of South Africans living without access to banking facilities, the merger could help drive digital asset adoption in the nation.
Crypto Firms Target South Africa’s Early Adopters, the Unbanked, and Everyone in Between with XPOS System
According to South African technology publication IT Online, local exchange platform DoshEX will work with global blockchain payments firm PundiX to introduce the latter’s XPOS point-of-sale devices into retail locations. South African crypto users will soon be able to top up PundiX’s XPASS cards with various digital currencies and spend them in real-world shops.
Cryptos supported by PundiX’s XPOS devices will include Bitcoin, Ether, and Binance Coin, amongst others. The goal, according to the start-ups website, is to install a minimum of 100,000 of these point-of-sale units by February 2021.
The system is ideal for those lacking banking services since it allows digital payments without needing a traditional account. However, the two start-ups are obviously hoping to appeal to more than just those living in South Africa without banking facilities. The service works using a familiar credit-card sized payment card, which requires tapping on the terminal to make a payment. This decision to make the process the same as making a contactless bank card payment has been intended to appeal to those already familiar with such payment methods, whilst still being accessible to those who are not.
The CEO of PundiX Labs, Zac Cheah, commented on the merger:
“XPOS is the easy, affordable access point into crypto for mainstream retailers and consumers… Now, an XPASS card loaded with crypto enables ordinary people to embrace the crypto-future, including millions of unbanked South Africans.”
He went on to state that the decision to partner with the established DoshEX exchange platform should encourage early adopters already familiar with the trading venue to try the service too.
Alex de Bruyn, the CEO of DoshEX, added:
“It was essential to roll out trusted and proven technology as our objective is to rapidly build South Africa’s first point-of-sale cryptocurrency network. This is why we partnered with PundiX.”
Cryptocurrency Continues to Sneak into More Real-World Locations
The announcement by DoshEX and PundiX to introduce crypto point-of-sale devices in South Africa is the latest example of digital assets moving more into real-world usage. Previously, NewsBTC has reported on French tobacco shops introducing digital currency buying services over-the-counter. More recently still was the announcement by exchange giant Binance launching real-world crypto trading services to Australian newsagents.
Whilst such examples do not guarantee adoption, they certainly help cement the place of Bitcoin and other popular digital assets in the public psyche. It is particularly encouraging to see such services focus on emerging markets such as South Africa since it is the unbanked of the world who are often claimed to have the most to gain from the democratising monetary revolution crypto could usher in.
Below is a video of Bitcoin evangelist Andreas Antonopoulos explaining the benefits Bitcoin and other decentralised digital assets could bring to poorer parts of the world – a topic he is extremely passionate about:
Related Reading: Is Largely Unbanked Africa Primed for Bitcoin Adoption?
Featured Image from Shutterstock.
