Singapore-based Bitcoin payment system provider, Coin of Sale has partnered with Kido Technologies (Kidotech) to facilitate payment via the cryptocurrecy at merchant stores in the island nation.
Kido Technologies provides iPad-based POS (point of sale) solutions to F&B (food and beverage) and retail merchants in Singapore.
The digital currency has generated a lot of debate around the world. While some governments and monetary regulating agencies have issued advisories, warning people about the potential risks of dealing with Bitcoin and other cryptocurrencies, Bitcoin in Singapore has gained quite an acceptability from merchants.
Tomas Forgac, Founder, Coin of Sale
Tomas Forgac, Founder, Coin of Sale said, “We know how critical speed and ease of use is for retail merchants who are struggling to maintain their margin in highly competitive market. Coin of Sale has been designed with this in mind and the partnership brings this effort even further.”
Merchants who use Kidotech solutions for POS and payment can get ‘Coin of Sale’ Bitcoin payment solution configured remotely. New clients wanting to have Bitcoin as one of the payment solutions will get Bitcoin-payment-enabled POS systems.
Boon Teck Tan of Kido Technologies said, “Potential clients have been asking for a POS that could accept Bitcoin. We would like to be the first to offer that integrated option to clients in Singapore and this region.”
The facility does not require any additional setup or recurring costs on the merchant side. However, there is 0.59 per cent fee on every transaction.
Forgac told e27 that the number of merchants accepting payments in Bitcoin is growing slowly, but steadily. “Customers usually get encouraged to spend when Bitcoin exchange rate goes up; so we can see volumes picking up again since the value of Bitcoin has bounced from the bottom,” he added.
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While there are customers who want to do transactions in Bitcoin, educating the not-so-internet-savvy merchants about it remains a huge challenge. Forgac shared, “As for educating, our sales still necessarily has to consist mostly of education; not only on what is Bitcoin and what are the advantages and risks, but how to deal with security or how to use it further.”
Besides, Kidotech, Bitcoin payment through Coin of Sale solutions is available on other iPad-based POSes such as Lavu and web-based Vend too. Lavu, according to Forgac, is quite popular in Singapore amongst F&B merchants.