Recently, PundiX began operations in Venezuelan territory by delivering the XPOS device, which recognizes the XPASS debit card and converts the tokens into the national currency at the time of the transaction.
Gabriel Falcone, one of the representatives of PundiX shared a series of statements, starting with the motive behind the arrival of these services to Venezuela. He explained that there have been months of planning in Brazil to finally be able to start this process in the border country.
In his replies, he shared that PundiX CEO himself has visited Venezuela before during the installation of equipment in Traki stores, a chain of shopping centers distributed throughout the country.
According to Falcone, for Pundi X Singapore, Venezuela is an extremely important market. Since cryptocurrencies have been gaining increasing relevance in media and in economic exchange activity amid the depreciation of the legal tender in the country, the bolivar, the company has created a commercial strategy to serve the market.
“We are not worried about competition, it really only encourages us.” Falcone said. The goal is to be able to generate a minimum infrastructure using XPOS, XWALLET and XPASS products, creating a solution that is friendly to end users and physical outlets appear to be a useful tool for this, or at least that suggests the positive reception received by the Venezuelan subsidiary after starting operations.
For the cashier, the equipment will be intuitive, and the idea is that it is efficient enough to reduce friction in the face of the user to just one minute per operation, says Falcone. Users can choose between bitcoin (BTC), ether (ETH), NXPS, the Pundi X token and BNB, the Asian exchange house token, Binance.
In addition, the card is an incentive for those users who prefer to make their purchases through these devices but using their cards, being able to leave their cell phone safe.
Will it be safe in terms of privacy?
Falcone, who is a lawyer, was extremely interested in making it clear that users and merchants who decide to bet on this product will comply with the Know Your Client (KYC) process, although he pointed out that it is not a direct affront to privacy .
If we understand this concept as the possibility of providing personal information data selectively, it seems that the Pundi X process could violate that right. However, Falcone said that the advantages in terms of speed and ease of payment (with the wallet and the card) have a cost in terms of privacy: the data obtained are protected by the company and would only be disclosed in a legal inquiry against some users.
“This is about compliance, we are not threatening the spirit of cryptocurrencies but we have to be able to respond to competent entities, merchants and users,” Falcone said.
An element that Falcone highlighted is that there was already a community of users of Pundi X products before this subsidiary began its expansion in the country. Up to 30,000 XWALLET purses were installed in the country, so it seems that Venezuelans have no care to comply with KYC requirements to be able to access the products they are activating from the Venezuelan subsidiary.
The company’s global goal is to install more than 100,000 points of sale worldwide by 2021 and Latin America is a strategic area, says the executive. In fact, he notes, the company of Asian origin has been present in the region for a year.
The Venezuelan company executive said there are already several stores that are operating with PundiX technology. Although he did not give details, he said that his expansion strategy includes commercial chains and establishments of different items such as food and beverages, clothing and footwear, tourism, restaurants, pharmacy chains, among others.
“The plan in the short term and long term is to provide an alternative payment platform that allows Venezuelans to use their crypto assets as mechanisms and real exchange on the street,”