- SecuX is presenting a cryptocurrency payment terminal at CES 2020, which is designed to make the implementation of payments via Bitcoin, Ethereum, Litecoin or XRP much easier.
- The SecuX retail payment solution consists of three components, a mobile app, a payment module and a hardware wallet.
Blockchain security company SecuX unveiled today a point of sale (POS) system for retail and payments with cryptocurrencies such as Bitcoin, Ethereum, Litecoin or XRP at the Consumer Electronics Show (CES) 2020. The SecuX Retail Payment Solution consists of three components – a mobile app, a payment module and a hardware wallet – and is designed to make the introduction of payments via BTC, ETH and Co. in stationary retail much easier.
SecuX sees an increasing need for cryptocurrency payments and the requirement that different retailers must accept different cryptocurrencies via various mobile wallet applications with a single device. Accordingly, SecuX describes its POS solution as an “all-in-one” crypto payment solution for retail.
The company claims to have developed the world’s first integration of a hardware wallet in a payment solution. There are six modules in total: the P20 payment terminal, the M20 payment module, a merchant payment application, a merchant payment hub and three wallets.
Pay with Bitcoin, Ether, Litecoin and XRP in any store
The retailer does not need access to the Internet for the POS solution. Only the user needs to be connected to the Internet for his wallet app. The app can add any cryptocurrency using the existing Fiat currency payment application. The second component, the payment terminal/module, can be connected and operated with any legacy POS system or integrated with the existing self-service machines.
The hardware wallet is used to accept crypto payments from the SecuX payment terminal for the store owner. In detail, the payment process is as follows: the buyer scans a QR code, which is displayed on the SecuX terminal. The buyer’s smartphone then connects to the SecuX server, which processes the transaction.
As soon as the payment is completed, the SecuX server sends a signal to the buyer and informs him/her that the payment is complete. The buyer’s app then sends a Bluetooth signal to the merchant, who informs him or her that the transaction is complete. SecuX stated that the physical crypto-currency payment terminal will be fully available for transactions around Q1 2020.
Competition for BitPay and PundiX
However, the company is not the first to attempt to gain a foothold in the crypto payment market. BitPay is certainly the world’s best-known company that serves as an interface between merchant and consumer via an online function. But Pundi X has also developed a software solution for the retail trade with XPOS. By February 2021, the start-up aims to have installed at least 100,000 units of XPOS devices around the world.
However, the market is quite challenging, as on the one hand retailers must be willing to accept cryptocurrencies. On the other hand, consumers have to spend their cryptocurrencies. At present, however, Bitcoin and the like are seen more as an investment and a value investment.
The following video shows how the SecuX retail payment solution works.