Panamanian liquidity distribution and supply company ChainZilla is testing five state-of-the-art points of sale (XPOS) in Panama businesses to accept bitcoin and other crypto assets.
The partnership between the two companies promises to install 100 points of sale to process transactions with cryptocurrencies, in the same number of businesses, before the end of 2019, and another 400 in mid-2020, distributed throughout the country. This would make Panama the territory with the largest number of establishments that process payments with bitcoin through points of sale.
Tourist shops, exchange houses, and businesses with a high volume of transactions in Panama will have the Crypto XPOS payment module, according to the company. The device will be integrated with the traditional point of sale, an X990 that uses Android, and will allow retail businesses to accept payments in cryptocurrencies.
Charles Gonzales, CEO of ChainZilla, in conversation with CriptoNoticias said that Panamanian establishments that have the integration of the XPOS module in the Verifone X990 will be able to accept bitcoin (BTC) and other payments in cryptocurrencies, which they can then convert to balboa (currency) local), to stable currencies or other alternative payment methods, valid in the country.
The processor receives payments in cryptos, such as BTC and converts it to a stable dollar. This protects the business from market volatility. The seller has a reserve of money so that their customers can buy, sell, or simply use their cryptocurrencies. Then the merchant uses our liquidity network to convert his stablecoin to the local dollar.
-Charles Gonzales, CEO of ChainZilla.
Customers using cryptocurrencies will be able to process their payments in bitcoin (BTC), Kucoin (KCS), ether (ETH), (KNC), Binance coin (BNB), XEM, NPXS and KNC shares. During transactions, the device will automatically switch between the fiat currency and the cryptocurrencies that can be executed with the XWallet application or the Pundi XPASS cards.
In Latin America and Spain, there are more and more businesses that have their own points of sale (POS) for Bitcoin, in fact, the company Pundi X recently published a map with all the businesses that process payments through its systems.
Argentina, Colombia, and Brazil are the countries with the highest number of businesses that process bitcoin payments with the firm Pundi X, which currently has about 60 points of sale with cryptocurrencies installed in the region.
Pundi X also established an alliance in Mexico that together with the Kapytal company, will allow them to deploy these new devices in the Mexican territory.