Croatia Launches First Physical Cryptocurrency POS Product
According to a press release from local newspaper Total Croatia News, Croatia is about to experience the very first crypto payment product which is fully regulated and compliant with local rules, September 16, 2019.
A New Crypto POS
Croatia is about witness its first crypto gateway product, the Adeo POS Cash Register. It is the very first Croatian crypto box checkout on the entire market. The new payment solution has been developed by Milan Horvat, a financial expert who also manages one of Croatia oldest brokerage platforms. The launch of the Adeo POS is handled by Fima Plus, which is managed by Fima Pay and occurs almost simultaneously with the new PSD2 Directive that should allow the Balcanic country to develop internal fintech services.
Adeo POS has been developed with Zagreb-based company Neoinfo which, according to Mr. Horvat, was the first firm to understand the potential of the new crypto product.
After collaborating on the implementation of Fima Pay, the companies decided to extend their partnership in a fully operational crypto checkout product. According to Igor Vuukmirović, director of Neoinfo, the Adeo POS systems are already being used by more than 1700 users. However, not every user has already used the service, as crypto payments must be dealt separately inside the same platform. The partnership has managed to add on the Adeo POS payments with Bitcoin, Ethereum, Litecoin and Bitcoin Cash. Such mobile payments are settled via a Norwegian company called Auka. In other words, merchants who receive a crypto payment via the Adeo POS will receive kunas, Croatian national currency, directly in their account.
Fima Pay is also planning to expand such services to any other firm that recognizes the importance of digital assets and process transformation.
Zagreb Betting on Blockchain
In these months, authorities in Croatia are looking to adopt blockchain technology and integrate it into the day-to-day running of the state including safeguarding sensitive documents as well as to monitor the business processes of local firms.
The Adeo POS is one of the first products to hit the market after the significant investments on blockchain products that Croatia has been experiencing, particularly in the Zagreb area.
Indeed, as reported by BTCMangaer on January, many firms including Deloitte and Omega Software submitted proposals to authorities in the city of Zagreb to enable them to develop distributed ledger technology (DLT) based solutions that would handle the day-to-day processes of the region.
Commenting on the matter, Olivera Majic, deputy mayor of Zagreb, highlighted that the creation of a functional blockchain system for the capital is a top priority endeavor, adding that “it is part of a broader transformation of business processes in the city government which is performing excellently well.”