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Editing by Nathaniel Cajuday
Philippine-based fintech firm Paytaca, Inc. has officially started the operations of its new innovation— the Bitcoin Cash (BCH)-powered vending machines— in Robinsons Mall North Tacloban in Leyte this Tuesday, October 18, 2022.
The attendees of the event were able to witness and learn how the new tech works. The vending machine at the launch works from collecting #BCH gifts from Paytaca’s treasure hunt activity.
The organizers even noted that the attendees immediately utilized the machines and were “nearly empty by the time we had to move it away from the stage.”
“There needs to be less friction in dispensing your wealth in crypto and using it to buy food, pay bills, or to pay for basically anything. A wallet that allows you to do just that in a truly peer-to-peer non-custodial way is what Paytaca is trying to achieve, powered by Bitcoin Cash,” Joemar Taganna, Paytaca President and CEO, told BitPinas.
He highlighted that the launch of their wallet, Paytaca, is just the beginning, sharing that the firm will roll out “one innovation after another to show that Bitcoin Cash is perfect as an electronic cash system.”
“We can more easily automate financial transactions in a secure way. You can see it in our vending machine, the first ever in the Philippines that accepts crypto, you will see it in many features that Paytaca will roll out in the coming months,” he added.
Previously, Paytaca teased the launch in a Twitter post encouraging their customers to “come to our launch and experience the utility of peer-to-peer electronic cash.” The BCH-powered machines are the first known vending machine that accepts crypto as payment in the country. (Read more: Paytaca To Launch Bitcoin Cash-Powered Vending Machine in Tacloban)
Moreover, the merchant partners of the vending machines, which were announced during the launch, are set to be gradually activated starting this week. Paytaca said that they must first set up their POS and train their staff.
Further, the firm disclosed that more merchants have been signing up after the launch.
Last May, Paytaca successfully acquired more than ₱7.5 million in equity-free pre-seed funds in Flipstarter, a non-custodial crowdfunding platform powered by Bitcoin Cash. Bitcoin Cash is a cryptocurrency that is a fork of Bitcoin. (Read more: Homegrown Crypto Wallet Paytaca raises ₱7.5M Pre-Seed Fund)
What is Paytaca?
Paytaca is a non-custodial crypto wallet app that pushes for the widespread use of cryptocurrency for payments and remittances. According to its developers, the wallet is being designed as a “super app” that will also contain aggregated services like food delivery, cab-hailing, etc. as well as bills payment, and mobile reload. They noted that the wallet will also facilitate token exchange and access to decentralized finance (DeFi) services through web 3.0 connectivity.
As of writing, 1 BCH is equivalent to ₱6,266.18, according to Google Finance.
This article is published on BitPinas: Paytaca Launches Bitcoin Cash-Powered Vending Machine
Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.