Cryptocurrency for mass adoption? Pundi X is the answer.

Since the inception of Bitcoin in 2008, Blockchain technology has taken over the world. Every firm, company, and organization are trying entering into the Blockchain space and planning to leverage the technology.

Amidst this crazy rush, technological overload and promise of a brighter future, one gentleman from India, has managed a scam in tune of 11,000 crores! Yes, let that sink in.
Gokulnath Shetty, a former Indian bank employee allegedly helped Nirav Modi – the mastermind behind the Scam by issuing several fake LOUs (Letter of Undertaking)

So, how could Blockchain have averted this?

Being a digitally distributed ledger Blockchain avoids this as every transaction is recorded, transparent with no single authority controlling it making it Decentralized in essence. Think of it as wills and contracts that execute themselves.

A key feature of Blockchain that helps in prevention and detection of fraud is the smart contract. It controls the transfer of digital currencies or other assets between two individuals under certain conditions. The smart contracts are stored on Blockchain Network.

Problems with Bitcoin/Blockchain

No system is perfect and same is the case with Bitcoin, it has its share of problems. Let’s have a look at them:

Mainstream Reach –Bitcoin is yet to have a mainstream breakout, according to a report active number of users that uses Cryptocurrency averages to about 2.9 to 5.8 million. This is low, very low in my opinion.

Complicated Technology –For a layman user who is happy protecting his Facebook data with a password, technology like Bitcoin proves to be too complicated. With the concept of Private, Public keys, Json files and wallets, the learning edge seems to steep.

Irrelevance in the day to day life –So, you bought some Bitcoin, what next? You probably are eyeing to buy some Ethereum or probably some Ripple, right? Is Blockchain technology being limited to buying/selling of some other Coins/Tokens? Where is the world changing technology that would change the way we deal with money?
We have to keep in mind that an average Joe is just looking to buy some coffee with money – whatever form it is in.

But is there an answer? An Indonesian Fintech company, Pundi X, this month entered the world’s top 100 cryptocurrencies on the strength of its plans to change all that.

Vision

Pundi X makes crypto an integral part of life for regular users who are unaware of the Blockchain phenomenon. They are focusing the initial traction efforts on South East Asia especially Indonesia. Indonesia is home to more than half of people from South East Asia.

Pundi X aims to close in around billion crypto users and bring them to Blockchain by making it easier for them to buy cryptocurrencies anywhere and anytime.

Pundi X allows users to:
• Buy/Sell Cryptocurrencies through a POS device
• Buy anything using Cryptocurrencies using the Pundi X POS device
• Pay peer-to-peer using Pundi Mobile app

Solving Complexity

One of the main aims of Pundi X is to make dealing with the Cryptocurrencies a cakewalk for the user. Below are the features that make it easier for a user to use the Pundi X platform:

The Mobile Wallet – Mobile wallet solves the complications of handling private and public key and allows users to maintain a password-based system. Some mobile devices could also be secured using a fingerprint or face scanner.

The Smart Card – The Pundi X Smart Card can be used with or without the Pundi Mobile app. Anyone from the family could use the mobile app to recharge multiple cards of other family members.
By introducing a contactless card, users now even do not have to go through the complexity of downloading a mobile app and using it on their Smartphone.

The Pundi X Platform – Pundi X provides both software and hardware, full stack implementation to the merchants which helps them to integrate their existing POS device with the Pundi X platform.

This enables them to accept payments in Cryptocurrencies and sale of daily goods & services.

Solving Irrelevance

Pundi X allows users to convert Cryptocurrencies to fiat and use fiat to buy Cryptocurrencies from anywhere, anytime. Thus making Cryptocurrencies easier to be used for a typical user.
The standard method of transferring your Cryptocurrencies to Fiat till now was/is “Bitcoin Debit Card.” This uses VISA and MasterCard networks and is available across 43 million points of sale (POS) terminals around the world.

However, with recent restrictions from VISA and MasterCard, this solution is unviable anymore. Hence, a need arises for an alternate solution which is not dependent on VISA and MasterCard to operate.

Pundi X offers the below solutions to the above problems:

Crypto to Crypto to Fiat: The POS devices can be activated on Pundi X network in the following ways:

• Pundi X is providing its full hardware reference implementation stack to retail environments as their primary POS device across Indonesia

• Pundi X also allows existing manufacturers of POS devices to use Pundi X Open Source Library to support Crypto to Crypto to Fiat exchange.

If any POS is looking an easy way to integrate Pundi X platform, they can do so by just downloading the Mobile app onto a compatible device.

Fiat to Crypto: How does Pundi X allow its users to buy Cryptocurrencies?

• Users can purchase Cryptocurrencies of their choice by using Pundi X Mobile wallet

• Users can also transfer Cryptocurrency using the Mobile app to a family member’s card allowing a tech-savvy member of the family to recharge the card for a not so tech-savvy family member just by using the Mobile app.

For users who do not have even have Smartphone, Pundi X systems enable the POS, mobile app or a tablet powered by the mobile app to directly charge the card with cryptocurrency.

All these options make it easy for point of sale to conduct any cryptocurrency transaction without using VISA or MasterCard service by recording all the payment transaction on Blockchain system.

Expansion plans:

Pundi X team plans to cover most of the shopping outlets, retails, shops, cafes in the next three years. They plan to make buying and spending cryptos possible within 5 minutes walk from any location in the world.

You will soon see Pundi X POS devices in Korea, Singapore, Japan and Switzerland and Pundi X user base rising to around 100 million.

This will be soon be expanded to Thailand, Malaysia, Singapore, Japan and other regional markets gradually growing the user base to around 100 million.

Pundi X plans to make it Pundi X Platform available as open source with hardware specifications provided under Creative Commons. This way Pundi X will be deployed across the world bringing it near to the target of 1 Billion user base.

Want to buy a coffee and some lunch? Use Pundi X!

Watch this fun video where Pundi X CEO Cheah searches a café to have some lunch and coffee and pays using Pundi X card.

You will notice, how fast and secure the transaction is and how quickly can one buy a Cryptocurrency using the Mobile App.

Closing Thoughts

Yes, people are getting more and more aware of the Cryptocurrencies and Blockchain but its usability is still low or nil. Pundi X aims to bridge the gap between the people’s interest in Cryptos and practical use cases by making it simpler to use the Cryptos in their daily life. They do not need to know the technicalities behind how it works. They have a huge ground to cover and still a long way to go, but future surely looks bright for them!

Get more information abouet Pundi X on Pundi X Website