Stellar Lumens coming to Indonesian stores thanks to Pundi X partnership
Easier cross-border payments with XLM.
Pundi X Labs has announced plans to bring Stellar Lumens (XLM) to retail stores in Indonesia.
Announced in a Twitter post, the move comes after the integration of the two networks late last month. The agreement says that Pundi X will be the anchor for the local currency, making it possible for business operators to make cross-border payments at better rates.
The Pundi X POS platform will also start supporting the Stellar Lumens native currency XLM. It will act as the issuer of credit to the Stellar network for all transactions on the platform using the Indonesian rupiah.
Inefficiencies in money transfer systems mean that international transactions are often made using US dollars. One aim of the partnership is to reduce these inefficiencies and encourage the use of the local currency in international trade. The use of XLM in retail stores also provides convenience for Indonesians wishing to make purchases using cryptocurrencies.
The concept builds on the already successful Pundi-Pundi model, one of the most popular cashless payment apps in Indonesia. It already has a user base of 100,000 and more than 500 merchants are using it in Jakarta.
Pundi X is a digital currency point-of-sale (POS) service provider. It has its own POS devices that can connect to the blockchain. This allows purchases in retail stores and also allows users to buy XLM tokens using fiat currencies, mobile wallets or bank cards.
The Stellar network is a blockchain platform that enables transactions between different financial companies and payment systems. It uses a fast clearing and settlement feature to allow a seamless movement of funds between parties. The XLM token used on the network provides a bridge between the different currencies transacted.
The model can currently process more than a thousand transactions per second. It has quickly gained popularity, presently having over a billion registered user accounts.
XLM has started the year with a bang, climbing into the list of top 10 cryptocurrencies by market cap. It currently ranks ninth with a market cap of almost US$10 billion.