Pundi X, a blockchain firm based in Singapore, has integrated its point-of-solution (PoS) device, XPOS, with PayPal, according to a medium post on June 30.
The move will allow PayPal users to access crypto assets such as BTC, NPXS, ETH, USDT, and DAI seamlessly through XPOS merchants that have activated the ‘Crypto Sale Feature' on their devices. Notably, this development comes after the International payments' giant softened its stance towards crypto operations.
According to Pundi X, the PayPal integration was motivated by a twitter poll, in which over 67% of the participants voted for the California based firm. Other options included WeChat/Alipay, PayTM, and GoPay.
[Survey] Which mobile payment app you'd like to see #XPOS to support first? 📲
— Pundi X Labs (@PundiXLabs) May 12, 2020
It is not surprising that most of the votes were in favor of PayPal, given it enjoys a global presence compared to its peers. The announcement post further notes that PayPal's integration will be in sync with XPOS underlying infrastructure,
“PayPal's basic features will be functional on XPOS® devices, including, of course, accepting payments. Accepting payment, for instance, includes the payments via email or mobile phone number.”
To integrate PayPal with XPOS devices, users will have to initiate two steps for full crypto services in the ecosystem. First, they will be required to send their IMEI numbers to [email protected] and activate credit card payments via PayPal. However, the service will only support keyed card transactions as of now.
The second stage will be characterized by an App that will facilitate PayPal transactions on XPOS directly. Zac Cheah, the co-founder, and CEO of Pundi X is optimistic that their partnership with PayPal will foster financial inclusion and crypto adoption as well,
“Combine PayPal's massive user base with the fact that our XPOS® devices are now operating in 30+ markets globally and you could start seeing situations were dealing in crypto is as trouble-free as buying a bottle of water.”
PayPal's Sudden Crypto Interest
Is the crypto trend finally catching up in payment ecosystems? Both private and public entities that had previously shunned digital assets are now consolidating on their possibility.
PayPal, which was a strong advocate against crypto assets, is the latest payments' giant to join the bandwagon fulfilling ‘if you can't beat them, join them.' Last week, the payment service provider was added to Kucoin's P2P market place, expanding its crypto presence, which was initially defined by Paxful and Localbitcoins marketplaces.