Pundi X, a company originally from Singapore, is among the most recent to join the competition in Venezuela, in the area of technological solutions so that merchants can process payments with cryptocurrencies.Breaking News talked in exclusive with Gabriel Falcone, a director of the subsidiary venezuelan Pundi X, in order to understand the strategy that is following the company in the country, as well as the current status of the negotiations of the company with new partners comerciales.De according to Falcone, to Pundi X Singapore, Venezuela is a market extremely important. Given that the cryptocurrencies have gained increasing relevance in the media and in economic activity of exchange in the midst of the depreciation of the currency of legal tender in the country, the bolivar, the company has developed a commercial strategy to service the market.“We are not concerned about the competition, in reality only encourages us,” said Falcone. The objective is to generate the basic infrastructure using the products, XPOS, XWALLET and XPASS, creating a solution that is friendly to the end users and points of sale physical appear to be a useful tool to do this, or at least that suggests the positive reception received by the subsidiary in venezuela following the start of operations.
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Competition: characteristics for the venezuelan people
While this seems a solution analog, the emergence of a competition at a business level to capitalize on this market suggests that this is a real need.A key point of your product is that, despite the fact that it is an ecosystem closed that it only works with your own wallet and card, payments are made instantly, in less than 0.5 seconds, no charge for fees or network commissions of mining between the payments and transfers.However, it should be noted that the business model, like the payment platforms traditional, involving the payment of service fees, which are charged to the merchant and may vary according to each case.
The XPOS is designed and developed for the interface and the user experience is exactly the same as in traditional payments at any merchant, atm or client can use it even if you have no extensive knowledge of the terms, such as “node”, “check”, “blockchain”, or “address of portfolio.” The main objective of Pundi X is to bring the use of cryptocurrencies to daily use.Gabriel Falcone, director, Pundi X Venezuela
To the cashier, the team will be intuitive, and the idea is that it is sufficiently efficient as to reduce friction for the user to just one minute per operation, says Falcone. Users will be able to choose between bitcoin (BTC), ether (ETH), NXPS, the token of Pundi X and BNB, the token of the house of change asian, Binance.In addition, the card implies a incentive for those users that prefer to do their shopping via these devices but using their cards, being able to leave your cell phone at the shelter.
The privacy to Pundi X Venezuela
Falcone, who is a lawyer, was extremely interested in making it clear that users and merchants who choose to bet on this product, comply with the process of Know your Customer (KYC), although he noted that this is not a direct attack against privacy.If we understand this concept as the possibility of providing personal information selectively, it seems that the process of Pundi X would violate this right of the users. However, Falcone noted that the advantages in terms of speed and ease of payment (with the purse and the card) have a cost in terms of privacy: the data obtained are safeguarded by the company and would only be disclosed in an inquiry under the law against any user.“It comes to compliance, we are not attacking the spirit of the cryptocurrencies but we have to be able to respond to the relevant bodies, traders and users,” stressed Falcone.An element that highlighted Falcone is that there was already a community of users of the products of Pundi X before this subsidiary began its expansion in the country. Up to 30,000 purses XWALLET were installed in the country, so that it seems that the venezuelans will have no care to fulfil the requirements of KYC to be able to have access to the products that they are activating from the subsidiary in venezuela.The overall goal of the company is to install over 100 thousand points of sale in the whole world for the 2021 and Latin america is a strategic area, says the executive. In fact, says, the company of asian origin have a presence in the region from a year ago.Venezuela has an important potential, ” explained Falcone:
Venezuela is among the 5 countries with the greatest volume of criptoactivos so that is a very interesting market for a platform of these characteristics and in addition to the general conditions benefit from the adoption of this platform by the public that sees it as a real solution to everyday problems that are presented at the time of pay, providing safety, speed and protection of value in the day-to-day consumers and merchants.Gabriel Falcone, director, Pundi X Venezuela
The executive of the venezuelan company was clear in saying that progress is being made on the installation of their XPOS in the 49 shops of the retail store, Traki at the national level. Despite the fact that it did not give details, he noted that its expansion strategy includes chains and commercial establishments of different categories such as food and beverages, clothing and footwear, tourism, restaurants, pharmacy chains, among others.“The plan in the short-term and long-term is to provide a platform payment alternative that allows venezuelans to use their criptoactivos as mechanisms and real exchange in the street,” said Falcone.Falcone explained that the venezuelan people who are interested in obtaining your card XPASS should only be requested through the web portal: pundix-venezuela.com. In addition, he pointed out that merchants that have the XPOS will also serve as a point of distribution of cards to customers.