Partnership targets rollout of NexGen POS devices to customers for payment of bills, school fees, utilities and more
DUBAI, United Arab Emirates and JAKARTA, Indonesia, Aug. 1, 2018 /PRNewswire/ -- Pundi X, the leading developer of a blockchain-based point of sales ("POS") allowing consumers to pay for real goods in multiple cryptocurrencies, will make its debut in the Gulf and Middle East following a partnership with the country's first regional fintech company: ebooc.
Pundi X and ebooc will work closely on developing digital payment gateway services for governments, financial institutions and major corporates in the Gulf and Middle East as well as broader business lines such as blockchain-based customer loyalty programs and NFC contactless payment options.
The collaboration will bring consumers in Dubai, UAE and the broader Middle East and Gulf region the ability to conduct real time commerce through digital payments using their mobile wallets, eliminating the need for traditional payment methods.
This technology also has the potential to transform value-added tax (VAT) collection for governments in the Gulf and Middle East as blockchain technology allows for instant computation and collection of a recently-introduced VAT in the region. Ebooc forecasts the introduction of instant VAT computation as holding major benefits for merchants and governments alike and bringing substantial efficiencies in reduced manpower devoted to audits, assessments and implementation.
Pundi X and ebooc will provide several other uses for consumers such as making retail payments; paying for government services, fees and fines; utilities and bills; telecommunication bills and school fees on POS devices running a stable, digital equivalent of traditional fiat currencies in the region.
The two companies will rollout secure and seamless payments to clients and customers via a single NexGen payment portal, offering increase functionality at substantially lower running costs to market leading solutions.
The move brings Pundi X's world-leading, blockchain-based POS technology, XPASS card and e-wallet to the Gulf, Middle East and North Africa region for the first time with ebooc as the official partner under the terms of the strategic partnership agreement.
Following meetings in Dubai and Jakarta, a Memorandum of Understanding was signed between Pundi X CEO and co-founder Zac Cheah and the CEO of Digital Force and co-founder of ebooc Abdulla Al Shamsi, to commit to the deployment of a soon-to-be-announced number of Pundi X devices across the Middle East.
Abdalla Al Shamsi said: "We envisage consumers in the UAE being granted the ability to make retail payments for school fees, utilities and other necessities from a world-leading blockchain-based POS device provided by Pundi X".
Cheah said: "We are delighted by this partnership in a nation-state that has long been considered a by-word for modernity and innovation.
"This latest project confirms that Dubai is yet again a source of global leadership, this time in the emerging field of blockchain-based payments technology, with the potential to forever change the way consumers make secure, digital payments."
Sunil Malhotra, the Managing Director Bchain and co-founder of ebooc said: "An ebooc – Pundi X partnership will deliver a differentiated customer experience through innovative features, seamless integration, loyalty solutions, enhanced security and greater convenience to governments, businesses and consumers in Dubai, UAE and the region to make financial transactions on the NexGen platform in a smart way, bringing together various service providers under one platform.
"There is no better way to announce Pundi X's arrival in the Middle East and North Africa than with a partnership with ebooc in Dubai - the region's technology hub".
Further details of the partnership will be announced following the development and testing of technology with relevant government departments and regulators.
About Ebooc Fintech & Loyalty Labs LLC
ebooc, from the Arabic word for e-wallet, is the first Emirati fintech company to establish a presence across the broader region. It aims to provide a secure and seamless payment experience to clients and customers which runs on NexGen technology as a decentralized, distributed ledger which creates trust, improving efficiency levels. Its solution for retail outlets can be channeled to the governmental organizations, creating a high level of trust and transparency.
About Pundi X
Pundi X (Currency: NPXS), a multi-cryptocurrency point-of-sale ("POS") solution provider, empowers blockchain developers, exchange platforms, crypto traders and token holders to buy, sell, and spend cryptocurrency at any physical store in the world. The company's solution also enables the retail store owners who are seeking to accept digital currencies so that they can do 'cryptocurrency to fiat' or 'crypto to crypto' transactions for the mainstream consumers.
The company is aiming to roll out more than 100,000 blockchain-based POS devices worldwide in a major challenge to the status quo of the US$ 2.2-trillion global retail payments market.
Headquartered in Jakarta, Pundi X has offices in London, São Paulo, Shenzhen, Singapore, Seoul, and Tokyo. For more information, please visit https://pundix.com/.
SOURCE Pundi X