Pundi X’s NEM XPOS to help NEM be the largest retail payment blockchain
Pundi X (NPXS) has been a revelation to the merchant business ever since it was launched earlier this year. It has been the leading company to channel the heavily fiat-dominated retail store industry to the cryptocurrency movement. NEM (XEM) was the very first cryptocurrency that partnered with Pundi X in integrating their beta versions of point-of-sale devices last year.
The partnership of the NEM blockchain and Pundi X strengthened further as Pundi X revealed the first 20,000 NEM XPOS devices terminals which will be turned over to the NEM Foundation, which it will then distribute.
NEM XPOS device will deliver faster transactions at the physical retail stores. Consumers will be able to conduct multiple NEM-based cryptocurrency transactions via XPOS point-of-sale terminals.
It is certain that the device will bring change on the processes of current cryptocurrency merchant and consumer payments. This project intends to create seamless and instant transactions of fiat to crypto payments, and reduce the costs in order to encourage the adoption of crypto.
A total of US$17 million private placement had been completed by the Pundi X team which will fund the development of the NEM XPOS and blockchain in a period of three years and produce a total of 20, 000 devices.
The Pundi X-NEM token, which will be called NPXSXEM, will allow transactions across blockchain-connected devices, and will be transformed to fiat or other crypto. NPXSXEM token holders have several privileges: (1) Ease the change of crypto payments to fiat, making it more convenient and fit for retail services and stores to accept cryptocurrencies. Due to this, the adoption rate of XEM and NPXS will increase, giving advantage to early sellers and ensuring capital gains. (2) Holders will gain access to NEM XPOS at competitive rates. Therefore, transaction costs will be reduced, while transaction speed increases.
Below are some positive impacts that NEM XPOS offers to XEM’s potential growth.
How NEM XPOS aims to impact XEM
1. Merchants using NEM XPOS will drive up XEM adoption
When merchants and other retail clients start to utilize point-of-sale terminals, cryptocurrencies may see a bump in adoption as buying and selling will be easier and uncomplicated. With XEM making it to the top partnership list (ZCash also gained Pundi X POS support), adoption will definitely drive up amongst the public.
Cryptocurrencies were created mainly for ease in payments by providing a process that is cheaper, simpler, and easy to use. Having the right marketing strategy will boost adoption in using cryptocurrencies in our daily lives.
2. Listing of NPXSXEM on major exchanges will positively impact XEM’s price
The team announced last April that the new token NPXSXEM to be used in the point-of-sale will be rolled out very soon through exchanges. In addition, the coin has already been listed on Exrates, a cryptocurrency exchange, to allow BTC, USD and USDT pair’s trades. Because of this, utility of XEM will increase as it directly links to the new token. As the coin gains more listing on major exchanges, it is expected for XEM to increase in value notably.
3. Real world application
NEM XPOS actually diversifies uses from the increasing holding of coins, proving XEM to be a real world token. Through this, we can ensure that currency is bought not only to speculate but with the right purpose of usage, reducing part of the volatility. However, the NEM team will need to find out how to stabilize the coin in order to incentivize merchants worldwide to take up technology.
With that said, NPXSXEM is one of the reasons NEM (XEM) tops the charts with current price of $0.3427 USD per XEM, giving a slight 3% gain in the last 24 hours, which hopefully meets its goal to become the world’s best smart contract platform.
Coin Sessions PH envisions to provide series of seminars and talks about Blockchain and cryptocurrencies nationwide. To receive updates of upcoming events, please follow Coin Sessions PH Facebook page.