TL;DR: The cultural and geographic region of Latin America, extending from Mexico down to Chile, including parts of North, Central, and South America, is considered a logical next step in cryptocurrency adoption. Colombia-based Panda Exchange recently announced its merchant adoption point of sale (POS) platform, Xeler. The idea is to make crypto easier for folks to actually use, spend, transact in retail environments. CoinSpice caught up with Panda CEO Arley Lozano to talk about the POS rollout and how the broader Panda Group plans to address the Latin American market.
Panda Exchange Releases Merchant Point of Sale, Xeler
Panda Exchange, a pioneer of cryptocurrency exchanges in Colombia, developed a new point of sale solution for businesses and merchants. It’s an effort to help them accept cryptocurrencies as a payment form, and also aid turning crypto into fiat if necessary. Latin America, due to its own complexities, has not been as fertile a ground many previously anticipated for crypto. Xeler aims to change this.
The man in charge of Panda Exchange, Arley Lozano, has already distributed the system to 4 businesses, and they are running tests to distribute them to more stores when the system is ready. One of the merchants running Xeler POS is a sweets shop in Bogota, La Tortata, where customers can use their cryptocurrencies to pay for sweets and cakes.
POS terminals are using a program called Xpay, and it combines standard functions for customers to pay with regular credit or debit cards, while also providing exchange functions for cryptocurrencies. Customers can pay with crypto, buy crypto with fiat money, acting like a Bitcoin ATM (BTM). Arley Lozano, also known as “vakano,” shared some interesting insights about the platform with CoinSpice.
Interview with Arley Lozano, CEO of Panda Exchange
Lozano is a well known bitcoiner, having discovered the phenomenon back in 2013. As one of the most involved Latin Americans in the bitcoin business, combined with having experience in international commerce, he identified the potential of cryptocurrencies as a solution for payments early-on.
CoinSpice: What was the reason that drove you to spearhead this solution?
Arley Lozano, CEO of Panda Exchange:The real necessity of spreading adoption for normal people. I wanted a system for people to access cryptocurrencies and transact low amounts for everyday purchases. with Xeler you can transact from 15 dollars and up in Bitcoin Cash, Bitcoin Core or Dai. However, during the tests till this date, we have only reported merchandise sold in Bitcoin Cash, a testament of the use cases of this currency.
How would you define Xeler?
Xeler is a complete payment platform that includes a BTM solution that handles purchases and sales with a hardware device that lives within the existent financial system. It is comprised of an Android device that also has KYC capabilities, so the user might have to identify itself via fingerprint when doing a transaction, depending on the country.
What do you think is the best trait of Xeler as a payment platform?
The XPay system has an option that lets merchants allocate the quantity of the amount paid that will be frozen in fiat for them. The merchant can choose to conserve 100% in cryptocurrencies, choose a fixed amount for each one, or choose to receive all in fiat.
Any plans to expand Xeler into other Latin American countries like Venezuela?
There are plans to carry some equipment to Venezuela and other countries of the continent, but just after the trials are over and the devices are ready to commercialize. Venezuela is a country that needs alternative payment methods, and Xeler can fulfill this function.
How can merchants reach out and get started?
Write to [email protected] for more info about the system and the POS devices.
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