When cryptocurrencies first gained prominence, most of the general public was unaware of what it meant and how it would have any effect on their daily lives. In recent times, cryptocurrency has become a mainstay and a reality of modern times. Evidence of this can be seen in the fact that crypto is becoming more commonly accepted as a means of payment.
Peko Wan, the Vice President of PundiXLabs, recently tweeted a video of a man paying for his meal at a restaurant using the XPOS in Singapore.
The XPOS is one of the products put out by PundiXLabs, a Blockchain firm. The XPOS is a Point-of-sale device that allows users to pay for goods and services using cryptocurrency.
Currently, the XPOS supports a number of currencies including BTC, ETH (ERC20), NPXS, XEM, QTUM (QRC20), ACT, XLM and allows the users to pay for the products and services using their mobile wallet and Pundi XPASS card.
The XPOS also supports retail intelligence, inventory management, order management, marketing, and loyalty programmes. It not only helps business take payments but also serves as a management tool.
The XPOS can also be used to buy cryptocurrencies.
Here is the tweet posted by Peko Wan:
In JUSTIN Flavours of Asia, one of the restaurants installed @PundiXLabs XPOS terminal to accept #crypto payment during #ConsensusSingapore. Our guest just experienced his first meal paid with #NPXS. pic.twitter.com/RBgkb4z0Be
— Peko Wan (@peko0413) September 20, 2018
These developments are nothing new and can be likened to what happened when bank cards first became common.
Initially, they were used by very few people and the general public didn’t quite understand how they would work. With time, more and more ATMs began popping up across the world and it made the news.
Eventually, the use of bank cards as a method of payment becomes more feasible and stores, shops, and restaurants proudly displayed ‘we take cards’ on their storefronts.
Now, a business accepting bank cards isn’t anything notable. In fact, it is more interesting if a business of a certain size doesn’t take bank cards.
It seems like this will become the case with POSs for cryptocurrency. PundiXLabs has stated that there are over 5,000 XPOSs that are being shipped out to several parts of the world.
Its increased acceptability also means that cryptocurrency will become more visible and accepted as a method of payment.
It is becoming more common for stores to post ‘we accept bitcoin’ on their storefronts and on their sites. It is only a matter of time before it becomes strange for a business to not accept cryptocurrency.