Bridging the Gap: Cryptocurrency Meets Traditional Payments
Pundi X, the cryptocurrency startup, is making waves in Panama by launching its innovative point-of-sale payment gateway, the XPOS. This game-changer aims to combine cryptocurrency transactions seamlessly with conventional payment methods, allowing merchants to accept payments in both Bitcoin and traditional currencies through a single device.
The Power of Integration: Verifone X990
In a big leap forward for the payment processing sector, Pundi X has integrated its cryptocurrency module with the Verifone X990. This device isn’t just any payment processor; it’s a multi-functional powerhouse that allows sellers to accept payments from Visa, Mastercard, and cryptocurrency all in one terminal. Charles Gonzales, CEO of Chainzilla, noted,
“This means a seller can process crypto payments alongside other Visa and Mastercard payments—all in one device.”
Educational Initiatives: Empowering Merchants
As Chainzilla prepares to introduce the first batch of XPOS terminals, they’re not stopping at mere distribution. The company is stepping up to educate not only the merchants but also the government and general public about cryptocurrency. Starting October 2019, they’re launching the first blockchain course in Panama, a collaboration among the Panama Chamber of Digital Commerce and Blockchain and The Blockchain Space. This educational push is crucial for fostering a knowledgeable fintech ecosystem.
Challenges Ahead: Navigating the Fintech Landscape
When discussing the fintech landscape in Panama, Gonzales pointed out that Latin America’s fintech sector is fragmented, with each country operating as an island, laden with unique regulations. This regulatory maze poses challenges for international services. Nonetheless, Gonzales remains optimistic:
“These challenges are difficult and will take time to resolve, but it all starts with education.”
By tackling these challenges, they hope to build a solid foundation for future fintech innovations.
The Road Ahead: Anticipated Launch and Future Implications
In just two weeks, the first XPOS terminals will hit Panamanian soil, debuting at the Revolve Summit for entrepreneurs. The ability to instantly convert Bitcoin and other cryptocurrencies into local currency or stablecoins will give merchants greater flexibility and adaptability in today’s evolving market. As the fintech scene begins to flourish, the collaboration between Pundi X, Chainzilla, and local entities points to an exciting era for cryptocurrency adoption in Panama and beyond.
