More and more South Korean companies are accepting cryptocurrencies, although the digital currency has a long way to go to replace credit cards.
Danal unveiled its cryptocurrency-based project. Danal debuted its Pay Protocol Wallet. It provides ‘pay coin’ service in its coffee shops.
Timon will use its blockchain project Terra to provide settlement services.
Users can buy Pay Coins at the Huobi Korea exchange and transmit the cryptocurrency to the Pay Protocol Wallet.
Terra will construct its settlement app Terra X before June. Consumers can use its stable coin Terra to settle bills. Users have no reason to buy Terra coins on the exchange. They can clear bills through their banking accounts.
Danal and Terra joined in the cryptocurrency settlement business to remove intermediaries and save cost.
Merchants sell credit card bills to the intermediary Van to cash them. The intermediary charges fees for the service.
It also takes a few days to get card bills cashed. However, the cryptocurrency settlement removes such intermediaries, helping merchants save cost and time.
Danal and Terra said their blockchain technologies would remove intermediaries in bill settlement. Both merchants and consumers would share the benefit of saved cost.
Danal and Terra would expand the number of merchants accepting cryptocurrencies.
To attract consumers, Terra would provide 5-10 percent discounts when consumers buy goods through its cryptocurrency settlement platform.
Danal would also offer incentives to merchants and consumers when they accept and use its blockchain-based bill settlement platform.
The ultimate goal of Danal and Terra is to enter the global market. Notably, they are targeting the Southeast Asian market.
Terra will include as many Southeast Asian merchants as possible in its Terra Alliance network.
Pay Protocol also targets Japan and Southeast Asian market where online, mobile settlement is expanding at a fast pace.
Blockchain startups and cryptocurrency exchanges have also been moving to establish their bill settlement services.
Cryptocurrency wallet Bitberry has signed with Call Van taxi service provide Blocklink so that consumers can use Bitberry wallet to settle bills in Bitcoin, Ehtereum and other cryptocurrencies.
Bitberry wallet users can log in Kakao accounts and insert their mobile phone numbers to transfer cryptocurrencies. The easy-to-use wallet has made it easy for consumers to use cryptocurrencies in bill settlements.
Coinzest cryptocurrency exchange said it would use Hivelab digital currency settlement system so that investors settle bills through Hivelab’s Pay Crypto settlement system.
Cashierest also announced its settlement system Cap Pay would be available from the second half of this year.
