Pundi X, a blockchain-based point-of-sale solution, has initiated the first phase of its PURSE token distribution in a bid to incentivize builders and participants of the Decentralized Physical Infrastructure Network (DePIN).
The distribution of PURSE tokens leverages DePIN technology to reshape the relationship between customers and merchants, the firm said in a press release shared with Cryptonews.com.
The announcement said Pundi X’s approach allows customers to earn loyalty points for every transaction, incentivizing repeat business, which is comparable to traditional cashback or loyalty programs offered by credit cards or airlines.
Simultaneously, merchants benefit from increased customer retention and sales.
This symbiotic model fosters an ecosystem where both parties reap tangible rewards through continued engagement.
“As we embark on the first phase of the one billion $PURSE token distribution, we are excited to recognize and reward the dedicated participants using our DePIN solution,” Zac Cheah, co-founder and CEO of Pundi X, said.
“At Pundi X Labs, we believe in fostering loyalty and growth within our ecosystem, and the decentralized nature of our DePIN model reflects this commitment.”
PURSE Token Holders Gain a Range of Benefits
Holders of PURSE tokens gain access to a range of benefits, including gifts, goods, services, and cash-back features. These incentives are earned through further spending.
Moreover, PURSE serves as the native token of the PURSE Merchant loyalty point platform, functioning across various blockchain networks such as BEP20, Osmosis, Pundi X chain, f(x)core, and ERC20.
#PundiX launches 1 billion $PURSE Ecosystem Pool to grow #DePIN development and boost the XPOS ecosystem in 4 phases!
1⃣Incentivize crypto transactions in physical outlets2⃣Expand participation3⃣Reward DePIN builders4⃣Innovate the real world use cases@Purse_Land
… pic.twitter.com/pzeYyI8vnC
— Pundi X Labs | We’re Hiring (@PundiXLabs) February 1, 2024
The first phase of the distribution program involves the allocation of 100 million PURSE tokens from Pundi X’s one billion token reward distribution pool.
These tokens will be distributed to p(x)Card holders who spend cryptocurrency via the XPOS platform.
The distribution operates on a first-come, first-served basis until the entire token pool is claimed.
This four-phased program aims to drive the evolution of crypto incentives and shape the future of the crypto payment ecosystem.
Pundi X’s Token Launch to Complement P(x)Card
The token distribution program introduced by Pundi X is designed to complement and work in conjunction with the p(x)Card, a self-custody hardware wallet card supporting multiple blockchain networks.
Built on Infineon Technologies’ SECORA Blockchain security solution and Function X’s network infrastructure, p(x)Card securely stores users’ digital assets and facilitates transaction signing through NFC technology.
Participants utilizing p(x)Cards for transactions stand a chance to win randomized PURSE rewards.
Accumulated rewards will be disbursed after seven days, and p(x)Card holders can conveniently claim their rewards through the p(x)Card app.
In June last year, Pundi X announced that it has integrated its technology into traditional point-of-sale (PoS) terminals, released by a major provider of such devices, U.S.-based Verifone.
According to Pundi X, its XPOS (their point of service device that accepts cryptocurrencies) module has been integrated on Verifone’s X990, the latest Android-based point of sale terminal produced by the PoS company.
These devices can now process cryptocurrency payments along with traditional transactions, the blockchain company said, adding that this will allow “a wider network of retailers to accept payments in cryptocurrencies.”
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