The thing uses physical cards, basically an NFC wallet using a "crypto-neutral" token. So yeah, "offline" purchasing, swipe/wave to pay. Most of the tests were done with Bitcoin.
Have they succeeded to do it then? Last time I hear about PundiX is when they aim to do another round of crowdfunding and then it makes the community went nuts. They also fasten the plan for token unlock (probably to increase their funds), which is why the price went down really hard the past few weeks. For a company who wanted to raise another round of funding, I'm a bit pessimistic with their product tbh.