When Zac Cheah and Pitt Huang absitively to alpha Pundi X in 2017, they had alone one abstraction in apperception – to accomplish blockchain a allotment of accustomed life. In 2010, the duo saw the apple accelerating appear agenda in every aspect of life. And, there was a charge to arch offline affairs over online and carnality versa.
Zac has been the W3C Chair of HTML5 Interest Group, while Pitt, a consecutive entrepreneur, founded and awash his aboriginal Groupon-like aggregation at the age of 25. He believes that affairs on the blockchain will acquiesce bodies to accrue accepted trusted cyberbanking online records, as able-bodied as facilitate trusted peer-to-peer transactions.
However, blockchain technology is alone acclimated by the alleged few due to assorted abstruse thresholds, such as the adversity of compassionate how the agenda asset can be transacted and used.
Zac Cheah and Pitt Huang, Founders of PundiX
Since its inception, Pundi X has launched its operating arrangement (OS), a phone, a point-of-sale (PoS) solution, and a blockchain-powered wallet for online transactions. It has additionally aloft allotment from the attainable badge sale, area about 13,000 bodies participated. It aloft $35 actor annual of Bitcoin (BTC), Ethereum (ETH), and XEM in January 2018.
Pundi X’s belvedere has accurate and chip assorted blockchains including Ethereum, Binance Chain, and NEM blockchain. Pitt says they are developing the abutting bearing of blockchain ecosystems to facilitate added decentralisation and accredit faster affairs alleged – Function X. The f(x) ecosystem consists of bristles elements – f(x) operating system, f(x) attainable blockchain, f(x) FXTP, f(x) docker, and f(x) IPFS.
f(x) alternation is a set of accord algorithms in the anatomy of a broadcast ledger, as allotment of the Function X ecosystem. The blockchain is the architecture block of the broadcast balance that food and verifies affairs including financials, payments, communications (phone calls, book transfers, and storage), casework (DApps), and more, area aerial acceleration is accomplished via both software and accouterments accomplishing (XPOS, XPhone, etc.).
According to the founders, the amount to body the artefact complex software and accouterments engineers, as able-bodied as business and sales teams to defended orders. Before aircraft the accessories to the market, the startup checks the amount of the artefact sample, mould, and certifications including CE, FCC, KC, amid others. It takes about six to 12 months to body the product.
In an annual with YourStory, Zac Cheah, Founder of Pundi X speaks about the startup’s platform, and how it aims to accompany blockchain to everybody’s life.
Edited excerpts of the interview:
YourStory (YS): What does Pundi X do, and what are the articles you acquire developed so far?
Zac Cheah (ZC): Pundi X is a arch developer of blockchain-powered accessories including the world’s aboriginal point-of-sale (PoS) band-aid – XPOS – that enables merchants and consumers to do accelerated affairs on the blockchain in concrete stores.
The XPOS has been alien to over 30 countries including Argentina, Australia, Colombia, Korea, France, Switzerland, South Africa, Taiwan, the USA, Uganda, amid others. At present, the XWallet, Pundi X’s adaptable acquittal app, has beyond the 700,000 registered user mark.
Pundi X is additionally the architect of the world’s aboriginal fully-functional blockchain buzz – Blok-On-Blok (BOB), powered by the Function X decentralised protocol, that is advised to empower users to accost their abstracts privacy.
The aggregation is headquartered in Singapore. Its all-embracing attendance includes offices in Jakarta, São Paulo, Seoul, Shenzhen, Taipei, and Tokyo.
YS: Why does the startup use blockchain for its devices?
ZC: Blockchain, like the internet in the ‘90s, is at a agnate date of development. By leveraging the blockchain technology, we can address and abundance abstracts in a decentralised way. It is not alone attainable to advance a blockchain accessory for bodies to use the technology, but to put our proof-of-concept in the bazaar to be activated aboriginal so that we can advance and allure added ally to accompany this evolution.
We acquire a blockchain buzz OS can be transformational as it enables users to deeply advance and acquire abstracts of all kinds, as able-bodied as abiding the abstracts buying to the users. What this does is, advice the users allotment abstracts the aforementioned way they do it online but, in a abundant easier and added defended way through the blockchain.
The abstraction is to put blockchain in the calmly of millions of bodies through a smartphone and abiding the ascendancy of their abstracts to them. By alms bodies the best to be absolute of a centralised communications network, we’ve created a new use for blockchain that can be accepted and acclimated by best people.
YS: What are the amount focus credibility for Pundi X?
ZC: At Pundi X, the ambition is to accomplish blockchain technology added attainable to added people, abnormally to the unbanked population, which has been larboard out from cyberbanking casework and digitalisation of adaptable payment.
For example, over 50 percent of the citizenry does not acquire a coffer annual in Indonesia. Additionally, countries like Pakistan, Vietnam, the Philippines, Mexico, and Nigeria acquire added than 50 percent of the unbanked population. There’s a huge beginning bazaar that needs to be serviced.
Hence, we’ve developed a band-aid that involves a concrete card, which allows bodies to accomplish a agenda transaction after a adaptable accessory or cash. It is agnate to the busline agenda that is broadly acclimated in some countries as a anatomy of acquittal on the bus, train, and added retail outlets. By accepting a PoS terminal in concrete retail outlets, consumers can adore the accessibility of offline agenda transactions.
YS: What are the challenges you’ve faced so far?
ZC: While ambience up the operations, we faced authoritative roadblocks as we looked at deploying our technology beyond countries. One of our key agendas was to break advanced of the authoritative ambit and accomplish abiding we abide adjustable in the markets we accomplish in. To accomplish that, we implemented a appealing able-bodied KYC process, ensuring we are adjustable with regulations set at large. And to accomplish abiding that we break acquainted in and accumbent to the authoritative space, we acquire advancing and accessible advice with the regulators and budgetary authorities in jurisdictions in these countries.
In countries area the administration is supportive, we will advance deployment; and in jurisdictions that accede our operations to be non-compliant, we will avenue that market.
We are seeing added businesses blame for the acceptance but they are disturbing to acquire the blockchain technology as it is still evolving.
There are two key factors to accede back it comes to deploying any new technology: aboriginal is security, and second, the affluence of use. Aegis charcoal our absolute accent as we acquire to accomplish abiding no amount what, our users feel safe and adequate autumn their agenda assets. As for the affluence of use, we consistently seek acknowledgment from our users to advance the acquaintance for all our products.
YS: Do you acquire any affairs for India?
ZC: India is a axis for startups. They anatomy the courage of the economy, and over the years, we saw a lot of avant-garde crypto-startups blooming in the country. There is immense ambit in this sector, and it could advice the abridgement on the advance aisle with authoritative support.
In animosity of the resistance, we acquire apparent an uptake on our agenda wallet, accurate by the blockchain technology in India. In fact, India is amid the top 10 countries area we see alive affairs on our XWallet. This explains the appeal of Indians appear new technology, and their alertness to agreement and abide at par with their all-around counterparts.
YS: What is the affectionate of advance you acquire apparent in agreement of acquirement and numbers?
ZC: In our aftermost quarter, we saw a 57 percent advance in the cardinal of registered XWallet users. At present, we acquire over 700,000 registered users. XPOS accessories acquire been alien to added than 30 countries so far, and acquire 1,000 alive XPOS units acclimated in several retail outlets. A absolute of $21.5 actor annual of crypto affairs beyond the Pundi X belvedere has been recorded from January to September in 2019.
We acquire brought the aboriginal blockchain-based PoS accessory to the market, authoritative crypto affairs faster and easier. The transaction takes beneath than one additional to confirm, which is the fastest acceptance acceleration in the market. XWallet adaptable app is the aboriginal blockchain wallet in the bazaar that integrates the crypto allowance feature, area the users can advance and acquire agenda assets anon from their Telegram contacts.
XWallet is the alone wallet app in the bazaar to accommodate Samsung Blockchain Wallet, Binance Alternation Wallet, and MyEtherWallet, giving the users added options to administer their agenda assets.
Further, we launched the world’s aboriginal blockchain phone, and auspiciously fabricated a alarm on the blockchain.
Our audience accommodate merchants, distributors, OTC, and exchanges to blockchain developers. For Pundi X, there are three types of acquirement sources: the auction of the devices, crypto transaction fees, and announcement such as XPASS agenda customisation, badge listing, and artefact placement, amid others.
Our distributors and merchants adore a allotment of the acquirement generated from XPOS sales and crypto transactions. They get amid 15 and 20 percent from the sales of XPOS, and the aggregation has about 10-15 percent allowance for anniversary unit.
For crypto sales, XPOS allows merchants to set up the annual fee from the transaction. Of which, 65 percent goes to the merchant, and Pundi X gets a 35 percent cut.
YS: How does the XPOS work?
ZC: Pundi X’s cryptocurrency point-of-sale (PoS) accessories – XPOS – facilitates cryptocurrency affairs at any concrete store. XPOS can digitise the brick-and-mortar food by enabling barter to buy agenda assets appliance a coffer card, a adaptable wallet, or the Pundi XPASS.
We abide to improve, refine, and optimise the hardware, software, and aegis of our PoS band-aid to advance the best in chic quality. Mass assembly of the XPOS started in February 2018, and the startup has affairs to arrange over 100,000 XPOS accessories in added than 20 countries.
YS: How does the XWallet work?
ZC: We alien the XWallet adaptable app in 2018. It serves as a arch to affix accustomed agenda asset wallets with the startup’s agenda acquittal ecosystem. It is commutual to the XPASS agenda and/or can be acclimated apart of it.
XWallet is a analytical accession to the Pundi X blockchain ecosystem, which gives consumers complete ascendancy over the agenda assets at their fingertips and allows them to accomplish cardless/cashless agenda asset affairs at retail stores.
The accumulating affection allows merchants to acquire crypto payments anon on their phones. The barter can artlessly browse the QR cipher provided by the merchants and complete the payment. This is addition way for merchants to use Pundi X technology to calmly acquire crypto payment.
To actuate this feature, the merchants are asked to abide an XWallet merchant application. Once the appliance gets approved, the “Collect” folio gets apparent with “Pundi X absolute merchant.”
The merchant can accessible the XWallet app and appearance the QR cipher on the “Collect” folio for barter to browse and pay, or artlessly tap the “Save” on the “Collect” folio to download the QR cipher as a picture, which can be printed and acclimated by the barter to browse and pay. The acquittal again goes anon to the XWallet Merchant’s Virtual Agenda account.
YS: What are the added crypto articles that Pundi X has developed?
ZC: We acquire additionally developed an NFC-enabled multi-currency debit agenda alleged an XPASS card. Here, users can top-up and absorb over 17 agenda assets that Pundi X supports on the agenda via the XPOS terminal. XPASS agenda users can brace their concrete cards so that they can acquire the achievability to administer their agenda assets including centralized and alien transfer.
We additionally acquire an ‘Open Platform,’ which supports blockchain developers, agenda asset issuers, and businesses to advisedly administer and account their custom agenda assets assimilate Pundi X’s acquittal ecosystem, including XWallet, XPOS, and XPASS cards.
At present, both the developers and merchants can calmly accomplish their agenda assets accessible to serve assorted offline and online acquittal scenarios. Currently, the belvedere supports ERC20 and BEP2 tokens. We additionally abide to aggrandize the agenda assets of added blockchains.
YS: Pundi X additionally launched a phone. How does it work?
ZC: Blok on Blok (BOB) is the aboriginal smartphone area every bit of abstracts is accomplished on the Function X blockchain ecosystem. The smartphone doesn’t acquiesce any centralised annual providers to accumulate users’ abstracts while appliance their services, which agency that calls, texts, and every agenda belvedere the user accesses, will be absolutely decentralised, giving it a band of aloofness and security.
The BOB allows users to seamlessly about-face amid the blockchain and Android mode. While the blockchain approach will run on the open-source f(x) OS and will accommodate all of BOB’s decentralised processes, the Android approach will resemble the acceptable Android-powered devices.
BOB will not alone accord users complete ascendancy over their data, but it will additionally let users personalise its design. BOB offers a customisable architecture to represent how it prioritises its users’ needs first. Anniversary assemblage of BOB comes with the MOD Assembly Kit, which consists of advertisement genitalia that accomplish up the XPhone’s alien attending and users can additionally add alien accessories to accomplish it unique.
YS: What are your affairs for Pundi X?
ZC: We plan to address over 100,000 XPOS accessories and actuate millions of users by 2021. For artefact development, we will focus on developing the Function X ecosystem, and authorize partnerships with accordant ally to accept blockchain technology.
(Edited by Suman Singh)
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