ZacCheah, the CEO at Pundi X, a crypto PoS (point-of-sale) maker maker and developer, has actually stated that the international cryptocurrency sector will be geared up with more than 100,000 crypto PoS machines by 2021.
In an interview with ZDNet Korea, Cheah said:
“In the next three years, at least 100,000 crypto PoS machines will be distributed. In the past six months, merchants have requested 25,000 crypto PoS machines from Pundi X.”
AsStarbucks chairman Howard Schwartz formerly stated, multi-billion dollar corporations beyond the cryptocurrency and financing sector are presently hesitant towards digital properties like bitcoin and ether, the native cryptocurrency of the Ethereum blockchain procedure, due to their absence of merchant adoption. He said:
“I personally believe that there is going to be a one or a few legitimate trusted digital currencies off of the blockchain technology. And that legitimacy and trust in terms of its consumer application will have to be legitimized by a brand and a brick and mortar environment, where the consumer has trust and confidence in the company that is providing the transaction.”
Currently, merchants have 3 essential concerns that are avoiding mainstream retail adoption of cryptocurrencies:
- High charges/ scalability
- Lack of cryptocurrency assistance from existing machines
By producing PoS machines that can both support numerous cryptocurrencies and existing payment approaches like charge card deals, Pundi X has actually fixed the concern of cryptocurrency combination. But, volatility and high charges still stay as essential concerns.
The development of stablecoins such as Tether, TrueUSD, CircleUSD, and Basis have actually supplied merchants a choice to accept digital properties whose worth is hedged to that of the United States dollar to get rid of volatility.
As for the high charges of cryptocurrencies, the majority of public blockchain procedures consisting of Bitcoin and Ethereum have actually made substantial development in the advancement of two-layer scaling services that can processing micro-transactions or very little payments with almost no charges.
Hence, in the mid-term, the very first 2 concerns of digital properties relating to volatility and high charges will probably be fixed.
Cheah stated that crypto PoS machines can be helpful in areas like South Korea and China that currently have almost 90 percent adoption of charge card and mobile payment applications such as Alipay, Samsung Pay, and KakaoPay, since Pundi XPOS supports mobile payment apps consisting of Alipay, Samsung Pay, and WeChat Pay, while assisting in payments from bank-issued cards.
But, merely supporting cryptocurrencies will not suffice to persuade merchants to switch from their current payment facilities to crypto PoS machines. Cheah kept in mind that the business’s item depends upon its belief that digital properties will end up being the default payment technique of the international economy in the long-lasting.
SouthKorea is a Main Market
As a leading crypto exchange market that represents almost 35 percent of international crypto trades, Cheah stated that South Korea is among the couple of essential markets Pundi X will concentrate on in the future.
“Given that South Korea accounts for 35 percent of global crypto trades, the demand for cryptocurrency acceptance by merchants from local investors will increase rapidly,” stated Cheah.
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