Markets News Report
February 06, 2024

Pundi X Launches Phase 1 $PURSE Token Distribution to Fuel Crypto Payment Growth

Pundi X Launches Phase 1 $PURSE Token Distribution to Fuel Crypto Payment Growth

Blockchain-based POS solution provider Pundi X launched a program to reward participants in its Decentralized Physical Infrastructure Network (DePIN) by distributing $PURSE tokens. The initiative seeks to incentivize crypto hardware wallet users for their transactions, which will help enhance loyalty and growth within the Pundi X ecosystem.

According to the announcement, participants in the DePIN solution will receive rewards similar to traditional credit card cash back or flight mileage programs. Customers earn loyalty points for every transaction, encouraging repeat business, while merchants benefit from increased customer retention and sales.

“By involving customers and merchants in the token distribution, Pundi X empowers them economically. Customers can earn $PURSE tokens through various activities within the ecosystem, such as making purchases or participating in promotional events through physical outlets. Merchants can also benefit from increased customer traffic and loyalty by accepting $PURSE, which can ultimately boost their revenues,” Zac Cheah, co-founder and CEO of Pundi X told Metaverse Post.

Moreover, this loyalty program differs from traditional ones by enabling loyalty points to circulate outside the ecosystem, offering transferability and exchangeability.

Cheah added that merchants can save on infrastructure costs associated with traditional reward systems. DePIN incentivizes the development of physical infrastructure networks and decentralized payment networks, bridging cryptocurrency with real-world rewards programs across borders.

It is important to note that $PURSE token holders gain access to various perks including gifts, goods, services and cash-back features through further spending. $PURSE functions as the native token of the PURSE Merchant loyalty point platform and operates across multiple blockchain networks.

“The token empowers users to make decisions affecting the platform, such as modifying transaction fees, adjusting redemption rates, and determining the utilization of the treasury fund,” Pundi X’s Zac Cheah told Metaverse Post. “Advertisers, projects, and merchants require $PURSE to publish tasks, promote their services or goods, and redeem vouchers within the platform.”

$PURSE Token Distribution Revolutionizes Crypto Payments

As per the announcement, 100 million $PURSE tokens will be distributed in the first phase when p(x)Card holders spend crypto via the XPOS platform. Distribution is first-come, first-served until the entire token pool is claimed.

Additionally, the distribution program consists of four phases aimed at driving the evolution of crypto incentives and shaping the future of the crypto payment ecosystem.

“The p(x)Card is integrated into multiple blockchain networks, each with its specific encrypted key. Using the encryption mechanism specific to each consensus model, it is equipped with appropriate encryption storage,” said Pundi X’s Zac Cheah.

“The p(x)Card is also designed to pair with the p(x)Card app, which will undergo periodic updates to ensure its functionality and security. One of the key features of the p(x)Card is its ability to separate the private key from the smart device. This means that even if the smartphone is lost or compromised, the funds stored on the card remain secure and untouched,” he added.

Accumulated rewards will be disbursed after seven days, and p(x) Cardholders can conveniently claim their rewards through the p(x)Card app.

Participants using p(x)Cards for transactions can win randomized $PURSE rewards through the Spend-to-Earn model, incentivizing customers and merchants to promote crypto payments. This model accelerates the growth of the payment network by rewarding transactions with tokens.

“Through the reward distribution program, we aim to expedite the adoption of crypto payments among traditional merchants and customers. Historically, neither spending nor accepting crypto payments has significantly benefited merchants or customers,” said Cheah.

Customers can access enhanced crypto payment coverage and reduced fees through the distribution program, while merchants can attract more business and generate higher fee collections.

The $PURSE reward distribution program aims to expedite crypto payment adoption among traditional merchants and customers. It transforms interactions by providing benefits such as enhanced payment coverage and reduced fees.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.

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Kumar Gandharv
Kumar Gandharv

Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.

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