XPay is able to process payments with cryptocurrencies such as BTC, BCH, DAI and DASH. For the moment, the devices will be working in 3 branches in Caracas and afterward in the 22 existing ones.
The expansion of physical cash points for transactions with Bitcoin and other cryptocurrencies is consolidating as a tendency in Venezuela. The Panda Group team has informed again about the installation of one of its physical cash points, this time with the Venezuelan pharmaceutical network FarMarket, in Caracas.
Now, people in Caracas can also use cryptocurrencies like BTC, BCH, DAI and DASH to buy medicines and other products through these cash points. People in Mérida have the opportunity to spend their cryptocurrencies using this kind of equipment, as was reported regarding the installation of XPay.
The CTO of the Panda Group, Typson Sánchez, explained that this process of installation of Bitcoin cash points is part of an expansion strategy. The idea is to help with the adoption of Bitcoin and other crypto assets; thus, allowing for the existence of a growing number of options, which has led to the alliance with FarMarket.
Since the moment that Panda Group managed to integrate the devices with bolivars, they started to seek businesses and chains willing to accept cryptocurrencies as a means of payment, which they are still doing. In the particular case of FarMarket, it took them about a month to make the equipment start working.
It should be noted that this agreement will allow Venezuelans to make payments with Bitcoin and other cryptocurrencies. This system will first be implemented in the branches at Centro Comercial Lido, Centro Comercial Ciudad Tamanaco and the stores in Santa Paula.
FarMarket is the first Venezuelan pharmaceutical chain that decided to venture into the world of crypto assets with the support of Panda Group. The exchange platform aims at allowing everybody to have this possibility, but only those who are brave will arrive first, said Sánchez.
The cash points for transactions with Bitcoin and other cryptocurrencies will be operational only in these three stores, during the first three months. After that, they will be available in all the 22 stores in the Big Caracas. The idea of installing physical cash points in Venezuela and other countries in Latin America is to help with the adoption. The CTO of the Panda Group explained that for the user it represents an easier transition from the cash points used in the traditional financial system.
Regarding the possibility of implementing a card for these cash points, similar to those used by Traki in alliance with Pundi X, Sanchez indicated that that is not the objective of the Panda Group, for the moment. He underscored that they are willing to incorporate more options for the user and they will always be open to doing that.
Currently, their software is compatible with all the non escrow wallets that are available in the market, which could be described as a positive aspect. Sánchez added that they are planning to offer their service for other cryptocurrencies like Ether (ETH) and Horizen (ZEN).
By Willmen Blanco