Proving the Business Case for the Internet of Things

Pundi X helps Hong Kong organic restaurant chain accept crypto-currencies

Steve Rogerson
July 17, 2018



Customers of Fama’s Hong Kong chain of locally-sourced, organic food restaurants can make purchases using various crypto-currencies including BTC, NPXS and ADI via the Pundi X PoS device.
 
Pundi X is a blockchain-based PoS provider that lets retail stores conduct multi-crypto-currency transactions. Rretail store owners can accept digital currencies so they can do crypto-currency-to-fiat or crypto-to-crypto transactions.
 
For mainstream consumers, Pundi X can lower the technical threshold and make crypto-currency transactions as easy as buying a bottle of water via a PoS smart device. The Pundi X PoS device that can be installed in the retail outlets lets consumers quickly acquire or spend BTC, ETH, NPXS and other crypto-currencies using fiat money, mobile wallet or Pundi X Pass cards.
 
The purchased crypto-currency can be stored in the physical card wallet, or used to make cashless payments to top up phones, pay utility bills or buy goods, subject to local regulations in each market.
 
To kick off the partnership, the teams ran a promotion last week during which Pundi X Pass cards, a physical digital currency card wallet, were distributed at Rise events. Consumers used digital currencies at four partner restaurants in the Fama group: Locofama, Sohofama, Supafood and the Hive Cafe. Pass card recipients were able to experience quick and easy-to-use crypto-currency transactions to obtain coffee, snacks, beer or a full meal free of charge up to the total value of the card by using the X PoS devices that have been pre-installed at each restaurant.
 
"Our restaurants celebrate traditional methods in our cuisine, but we also see ourselves as innovators and are pleased to be on the frontline in enabling customers to settle their bill with bitcoin or ether-based crypto-currency by using a secure payment option such as the Pundi X PoS," said Larry Tang, founder of the Fama Group.
 
Consumers can take a Pundi X Pass card to the cashier in any one of the four outlets to make purchases, depending on the total value of the card presented. Tokens in the 2018 Rise 2018 X Pass cards cannot be transferred or topped up and cannot be redeemed for cash. If the gift card is lost, stolen or damaged, no replacement can be provided. In case of card balance enquiries, consumers should check with participating X PoS partners.
 
"Adoption of crypto-currencies in east Asia is probably the highest in the world, however there are still few channels for spending digital currency today and this is what we want to change by working with retail outlets such as the forward-thinking Fama group,” said Pundi X co-founder and CEO Zac Cheah. "As a first step, we want to educate the consumers and merchants to see how easy it is to use crypto-currency so we decided to give away digital currency in the Pundi X Pass cards in order to encourage people to test drive the Pundi X PoS device. This is the first of many partnerships that we will be setting up across Asia to encourage more widespread use of crypto-currency in the retail economy over the longer term."
 
Pundi X is a blockchain-based PoS provider that enables retail stores to conduct multi-crypto-currency transactions. The company is aiming to roll out more than 100,000 devices worldwide especially in Asia where crypto-currencies are in widest use. During July, 500 devices are being sent into the field for testing with more than 25,000 on their way to customers in Switzerland, Singapore and Japan following the conclusion of the pilot test deployment.
 
Pundi X was launched in September 2017 and has raised US$35m in funding to deliver the PoS devices that enable consumers to buy and sell goods in a retail environment, as well as trading crypto-currencies.
 
Fama operates its own organic grocery store, concierge preventive health clinic, farmers market, café, fast food restaurants and full service restaurants.