Venezuela’s Largest Department Store to Install Blockchain-Enabled Cash Registers

Venezuela’s biggest department store will introduce blockchain-enabled cash registers in its 49 retail outlets.

The megastore administrator Traki revealed August 22 that it would coordinate Singapore-based Pundi X’s point-of-sale device, XPOS, to provide a cryptocurrency payment rail for shoppers.

Already accessible in 30 nations, Pundi intends to offer 100,000 XPOS devices by 2021. This is part of the company’s goal to present cryptocurrencies for everyday use, through an ecosystem of financial products such as XPASS crypto debit cards and Xwallet.

“We made the XPOS with the mission of creating real-life use cases for blockchain technology, and this couldn’t be better represented than Traki shoppers paying for their daily needs with cryptocurrency,” said Zac Cheah, CEO of Pundi X.

Cheah further said that Traki has been one of the early adopters of blockchain technology in Venezuela.

“At Traki, we aspire to offer the most convenient options for our customers, and cryptocurrency has proven to be an effective payment solution,” stated Michael Gomez, Chief of Crypto Assets department of Traki.

Of Pundi’s near-300,000 wallet clients, roughly one-tenth is based in Venezuela.

The XPOS payments framework supports payments in BTC, ETH, Binance’s BNB stablecoin, as well as Pundi X’s own NPXS and NPXSXEM tokens.

A period of hyperinflation and lack of liquidity has seen numerous Venezuelans embrace cryptocurrency as a store of value and payment choice. Last year, President Nicolas Maduro introduced the petro dollar cryptocurrency, pegged to the South American nation’s tremendous oil reserves, as a means to evade economic sanctions. Maduro recently mandated banks and state-owned companies to utilize the token.