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Major payments, POS firm Ingenico integrates with cryptocurrencies

Ingenico POS

Yesterday, Ingenico announced that it has partnered with Singaporean firm Fintech Pundi X to integrate cryptocurrencies and blockchain with its Point of Sale (POS) terminals. Pundi X’s ‘XPOS’ software will allow merchants using the devices to accept over 13 cryptocurrencies as payment.

Ingenico offers payment solutions for online, in-store, and mobile commerce. With a market cap of $6.8 billion, it operates 30 million terminals in over 170 countries. The firm boasts an acceptance network of more than 1000 banks and acquirers, plus produces contactless terminals for public transport. The APOS A8 payment device is the most widely sold Android POS, and, thanks to Pundi X, will now accept cryptocurrency.

Customers using Pundi X’s XWallet app or XPASS physical card can purchase directly with crypto from a merchant using an Ingenico device with XPOS installed. It accepts Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), and XEM, among others. The software automatically applies crypto conversion rates at retail outlets, so transactions are settled quickly.

Yesterday’s release claims the XPOS integration is twofold: first, allowing customers to pay in crypto seamlessly and, second, using blockchain for improving consumer transaction experience in both security and efficiency.

“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 sales as truly innovative,” said Marcus Low, SVP of Ingenico Group’s Asia Pacific region.

He continued: “This partnership is as a great way to prepare for the future of payments and introduce cryptocurrency as a reliable payment option to our clients and customers worldwide.”

Indeed, the transaction is intended to mimic a conventional fiat transfer, so consumers have the same experience. Usability is one of the most significant barriers in cryptocurrency adoption. With the wide usage of Ingenico POS devices, people could start using crypto for everyday purchases.

The co-founder and CEO of Pundi X, Zac Cheah, put it: “Enabling crypto payments in Ingenico’s APOS A8 devices will undoubtedly make cryptocurrencies and blockchain technology more accessible to even more people.”

Three weeks ago, web browser Opera announced it would add support for native Bitcoin payments. It was the first to produce an in-browser wallet and Ethereum payments, hoping to encourage crypto adoption.

Meanwhile, Pundi X’s Indonesian arm worked on POS devices with Dubai’s Department of Economic Development for a stablecoin project.

Image Copyright: Ingenico