Wanting to buy snacks using Bitcoin Cash?
Philippine-based fintech firm Paytaca, Inc. announced its newly installed Bitcoin Cash (BCH)-powered vending machine in Tacloban City. This might be the first known vending machine that accepts crypto as payment in the country.
In a Twitter post, Paytaca advertised their newly installed vending machine by saying: “Come to our launch and experience the utility of peer-to-peer electronic cash.
The concept is just as other vending machines, where one can buy the goods they want, whether a soft drink or a snack, but the difference is that this vending machine only accepts Bitcoin Cash.
Paytaca explained that the hardware of the system is Raspberry Pi while the software is customized.
“The internal wallet in the machine can be linked to a Paytaca wallet where all the payments are received. The software includes an admin panel where the inventory of items can be updated,” the wallet provider added.
As of writing, 1 BCH is equivalent to 6,938.64, according to the data from Google Finance.
Just last May, the fintech firm said it has successfully secured more than ₱7.5 million in equity-free pre-seed funds through a decentralized crowdfunding platform.
The acquired funds will be used to finance the firm’s future endeavors once it accomplished its initial plans to secure a Virtual Asset Service Providers (VASP) license from the Bangko Sentral ng Pilipinas (BSP) to offer fiat on-ramp/off-ramp. Paytaca also plans to partner with a licensed entity to allow them to issue or use a PHP stablecoin.
The said Tweet attracted some positive insights about the initiative of Paytaca.
A Twitter user stressed his amusement by emphasizing that BCH usage is not dominant in the country.
Which Paytaca replied with a quote: “We’re here to change that.”
Another user also left his comment: “This is a revolution! Love the “Making crypto usable” phrase!”
And when another user asked, “Wen in Manila or Quezon City?” Payataca answered, “Soon!”