Ingenico, Pundi X dive into crypto payments at POS
Multichannel payment technology provider Ingenico Group is partnering with Singapore fintech Pundi X to deliver a point-of-sale terminal that can accept crypto payments.
Pundi X has integrated its point of sale software with Ingenico's portable POS devices that run through Android's operating system. The APOS A8 devices will now accept various cryptocurrencies as a payment option, using underlying blockchain technology.
"Ingenico is always on the lookout for innovations that will further improve transactional processes and we see Pundi X's use of blockchain technology in points of sale as truly innovative," Marcus Low, senior vice president of Asia Pacific at Ingenico Group, said in a Tuesday press release. "This partnership is a great way to prepare for the future of payments and introduce cryptocurrency as a reliable payment option to our clients and customers worldwide."
Paris-based Ingenico Group has been part of acquisition discussions in the past year, but has mostly concentrated on advancing its multichannel and integrated POS terminal development.
When initiating a transaction with Ingenico's APOS A8, merchants with the Pundi X module and crypto token holders will be able to make a payment directly through the XWallet mobile app or XPass cards, a multicurrency crypto card available through Pundi X.
Ingenico says the POS device will automatically provide the conversion rates between fiat and crypto currencies at the retail outlets to eliminate friction and enhance speed.
The Pundi X software is currently available to deploy on the Ingenico devices in all major markets.
"Enabling crypto payments in Ingenico's APOS A8 devices will undoubtedly make cryptocurrencies and blockchain technology more accessible to even more people," Zac Cheah, co-founder and CEO of Pundi X, said in the release.