Indonesian offline cryptocurrency startup Pundi X is on track to deploy thousands of point-of-sale devices in Hong Kong, allowing retailers to accept payment in bitcoin.
In the same way that regular eft-pos terminals accept bank cards, the Pundi X POS devices accept payment cards that can be topped up with bitcoin, ethereum and other online cryptocurrencies. They also accept Apple Pay, Visa, Mastercard and other electronic payment options.
Co-founder and CEO of Pundi X Zac Cheah said: “Hong Kong is the perfect place for us to do a test drive before a large scale roll-out as there are many tourists, expats and early tech adopters.”
The devices differ from existing bitcoin ATMs, which draw on bitcoin accounts and dispense cash, by allowing transactions for goods and services to be made entirely in cryptocurrency.
The move to set up a city-wide payment network that accepts multiple cryptocurrencies could be seen as being in defiance of the Hong Kong Monetary Authority which has not recognised bitcoin as currency or a means of payment. The devices are unable to be used in Indonesia, where cryptocurrency payment is illegal.