Pundi X is the world’s most prevalent offline decentralized cryptocurrency sales network. It is an Ethereum token, which facilitates an easier sales and purchase of goods and services using the crypto platform. This venture presents an absolute solution for both the online and offline sales of cryptocurrency.
The Pundi X platform allows users to use the digital currency for purchasing goods and services, and aspire to become an alternative to the traditional form of money in merchant adoption.
This guide will talk about the reason Pundi X was designed, the makers behind it, the way it works, and its most popular applications.
What Is Pundi X (NXPS) Designed For?
Pundi X is essentially a hardware company. It originates from Indonesia and is an offline cryptocurrency exchange network. Even though cryptocurrency payment for goods and services is currently banned in Indonesia, Pundi X works because of the flexibility ingrained in their POS system defaults to accept the non-cryptocurrency system payments, like bank credit and debit cards and Apple Pay.
The research and development team of Pundi X has distributed the Point-of-Sale (POS) devices to the concerned retailers, which would allow them to accept payments in Pundi X tokens called NXPS. This would include having a multi-currency wallet, a decentralized sales network, along with a generalized ICO platform having offline entry points at the store.
Pundi X was designed to help facilitate the use of cryptocurrency in everyday transactions, especially in countries where the cryptocurrency is yet to make an impact. However due to government regulations and lack of bank accounts the Pundi X devices are yet to be fully operational in Indonesia and South Asia.
Who Is the Team Behind Pundi X (NXPS)?
Pundi X has five senior management members with Constantin Papadimitriou (Kiki) being the president and Zi Bin (Zac) Cheah as the CEO. Apart from this, it has about 150 staff members from across the world. The team's focus is on research and development.
It also has partnerships with various POS and token systems like the Qtum, Stellar, UTrust, and Chyne.
How Does Pundi X (NXPS) Work?
The whole idea behind Pundi X is to make cryptocurrency completely accessible to the ordinary man. It aims to facilitate the purchase of cryptocurrency as effortless as buying everyday groceries. Pundi X wants to make the purchase and use of cryptocurrency effortless anytime and from anywhere.
Initially rolled out as a mobile wallet application, the real point of Pundi X is the point-of-sale (POS) system for cryptocurrency acceptance. The device used for the POS is installed on the counter and is known as the XPOS. It has two screens for the customer and the merchant respectively. The device is enabled with an RFID chip, displays the QR code for people using their wallet apps, and supports the receipt printer. Further, each device uses the XPlugins to connect with the Ethereum blockchain.
The back-end of Pundi X involves their specified version of Android v7. This environment enables developers to create apps for the XPOS devices, which can meet retailer-specific needs.
The Pundi X token is called the NXPS. This manages the transactions undertaken on the XPOS network. The people who use the Pundi X platform need to use some amount of the NXPS to facilitate the transactions. However, the Pundi X network does not offer any specific blockchain solutions that can manage the stock or supply chain. The focus is entirely on helping the consumers make their purchases with cryptocurrency.
What are Current and Future Applications of Pundi X (NSPX)?
The biggest problem faced by all the aspiring blockchain-based currencies is merchant adoption. In this regard, Pundi X needs to streamline its efficacy and functionality to justify its hardware.
The growth of Pundi X is supported by the existing Pundi X mobile apps known as Pundi-Pundi. The Pundi Pay-By-Qr apps are currently supported by over 500 restaurants, cafes, and retail outlets in Indonesia, though the concentration is in Jakarta at the moment. The Pundi-Pundi is available on both the iOS and Google Play platform for download.
Further Pundi X has developed the following apps:
Scanbersama: This is Indonesia’s universal QR payment software developer kit.
Scanbersama uses a single line of code to allow integration of the apps with solutions.
PundiBooster: Virtual goods and services are transacted with this app. Merchants can facilitate utility bill payments by selling mobile talk time using PundiBooster.
PundiToko: Also available on Google play this is the merchant management app for Pundi-Pundi.
The Pundi X platform is also involved in the issue of the Pundi X card. This is a physical multi-currency wallet that can store cryptocurrency amounts much like a normal debit card. Being the same shape and size as a credit card, this is user-friendly for people new to cryptocurrency transactions.
Looking at the growth of Pundi X and its flexibility in incorporating the point end solutions to its XPOS devices to circumvent the current cryptocurrency ban in Indonesia, it can be said with confidence that Pundi X has the potential to transform the cryptocurrency platform into being a universally recognized digital currency.