The commissions will be proportional to the number of movements. The device will work with BTC, BCH and DAI without the need to convert from one fiat coin to another
Customers of a candy store in Bogotá, Colombia, will be able to pay with cryptocurrencies and also withdraw money thanks to a portable point of sale that the Panda Exchange platform implemented. The name of the device is XelerATM.
With this hardware, in addition to making payments, customers of the local called “La Tortata” will be able to buy cryptoactives such as Bitcoins (BTC), Bitcoin Cash (BCH) and DAI.
Typso Sánchez, CTO of Panda Express, was in charge of making the announcement officially through his twitter account. The expert clarified that users will be able to buy cryptocurrencies without having to previously make conversions to foreign currency. The special condition is to respect the limits of 50 thousand and 500 thousand Colombian pesos per transaction (between USD 15 and 150 approximately).
“From today, the first device #XelerATM is in the Tortata, where you can buy #BTC, #BCH and #DAI from @MakerDAO directly with Colombian pesos from 50 thousand (15 USD) to 500 thousand per operation”, announced on Twitter this January 23rd.
XelerATM serves not only as a point of sale, but also as a cryptocurrency ATM, backed by the Wposs manufacturer and the Panda Exchange software.
How does it Work?
Affiliated merchants will receive the payment directly in pesos (in the local currency in each case). Panda Exchange converts one fiduciary currency to another and cancels merchants in the same local currency or even in cryptocurrencies if they wish.
As for the commissions for businesses, these will be proportional to the number of movements and transactions made, as it will not be a monthly rent, but by concept of use.
It is also important to point out that the merchants will be in charge of managing the funds coming from these operations, so there is no official custody service or system, with Panda Exchange being an intermediary only for the conversion of the currencies.
Accepting the use of these devices is a new sign that Colombia is accepting operations with this type of digital assets, especially with regard to their daily use. So far, Colombia has more than 30 cryptocurrency ATMs, which puts it at the forefront of South America, occupying one of the first positions as the country that has more devices of this type installed.
More Details about the Device
XelerATM is a point-of-sale and portable cryptocurrency ATM which works thanks to a software created by Panda Exchange. This exchange house allied with Wposs, a company dedicated to offer payment solutions, which is now responsible for supplying the equipment.
The objective of this company is that the cryptocurrencies and tokens available in the exchange office can be acquired through the point of sale. Taxation, in this case, is done in a traditional way, given that the rates and payments are calculated in Colombian pesos.
Typson Sánchez added: “We want to gradually add other options, but also depending on the adoption of users, if they wish to pay or buy other cryptocurrencies, we will try to add more”. He reminded there is no custody system, because although the technology was developed by Panda Exchange, the merchants handle and receive the funds.
In the coming weeks, the point of sale will allow merchants to sell cryptocurrencies. “The additional device for the purchase of cryptocurrencies will be accepting payments and in the coming weeks will allow the sale of cryptocurrencies”, Sánchez said, adding that the exchange rates come from the market price in Colombia and LocalBitcoins rates.
It is expected that, in the next months, more points of sale will be installed in that city and possibly later in the rest of that Latin American country.
By María Rodríguez