Nigeria is cashing in on its first crypto-based point of sale (POS) system which will enable users to pay in Bitcoin and Ether along with the country’s local currency, the Naira.
Globally the amount of such crypto-based POS systems is on the rise, with Indonesian payment company PundiX hugely influential in facilitating the spread. POS provider PundiX, has also recently announced a partnership with Hong Kong group FAMA to improve retailing using cryptocurrency for purchasing organic foods throughout the company’s chain.
Such solutions for mainstream consumers will simplify cryptocurrency transactions, enabling retail outlets to install their POS devices for speedy acquisition or spending of major cryptocurrencies and could become the future for both retailers and consumers.
The same company has finalized a POS deal with Brazil’s BitCapital that will see 1,000 X POS devices distributed to hundreds of retail outlets there. BitCapital states one of its main goals as creating an infrastructure network that can make cryptocurrency to fiat transactions as straightforward as it’s achievable.
PundiX’ move into the African continent is unsurprising given recent attention by fintech companies eying the opportunities for business in the sector. Michael Lawal, business development manager at PundiX, explains the simplicity of how the system works, talking a user through a demonstration of the first live transaction in the African continent:
“I have 0.01 BTC and I am going to make a transaction of 200 Naira …The cashier provides three options – to pay either with cash, XPOS card or XPOS Wallet. If you are paying with Xwallet you will need to scan a QR code…Once you choose your payment option, the cashier automatically calculates the rate of conversion using current market rates to the local currency, which is Naira. You have two seconds lock-in period to safeguard the consumer and the merchant.”
The system only takes seconds to confirm a transaction issuing an instant receipt outlining all of the details of the payment.
Nigeria could become a major fintech center given that the country holds Africa’s largest contingent of Bitcoin users and has a population of 185 million, representing the continent’s largest population of potential users and investors. Local Bitcoins is reported to have seen a trading volume of $260 million in this year to date.
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