back Back
Seeking to raise capital? Seeking to invest? Click Here & Express your early interest to be a part of IBS Intelligence’s new fund initiative.

Paycoin expands its boundary beyond Korean market

By Leandra Monteiro

November 30, 2021

  • Danal Fintech
  • Global exchange
  • Paycoin
Share

PaycoinPaycoin (PCI), a blockchain based payment solution in South Korea, plans to expand its business into the global market. It introduced BTC payment service in more than 100,000 merchants in Korea earlier this year. Paycoin plans to attract global users and expand its global business and services by accepting BTC into Paycoin’s network.

In the scheme, the app currently supports crypto swap between BTC and Paycoin (PCI) of Danal Fintech. Users may deposit their BTC in the Paycoin App, swap it with PCI, and use it in any of the Paycoin merchants network. The scope of the supported cryptocurrency is expected to expand in the coming year, with major blockchain networks like Ethereum, ICON, Stacks and TON in the pipeline. Danal Fintech is a subsidiary of Danal, the biggest Payment Gateway(PG) in South Korea.

According to the industry experts, it is preparing listing on a global exchange. So far purchasing Paycoin, though listed on Top 3 major exchanges in Korea, has been limited to mostly Korean users due to the KYC requirements in all the Korean exchanges, but the new listing on global scale will enable global users to have better access to Paycoin, allowing users to both trade and use it as payment.

All 2 million it’s users own and have e-wallet (mobile application). Likewise with innovations that are being taken in wallet platforms such as Venmo, and Metamask, Paycoin is expanding its wallet service as financial platform. Beyond payment function, Paycoin wallet services envisions to provide many other useful functions including in-app “Shopping”, where users can shop and earn PCI, in-app “Game”, where users can play in-app games to earn PCI, as well as crypto-based investment products that will soon be released in to the Paycoin platform.

Based on Paycoin’s success in Korea, ‘Danal Fintech’ plans to build a global payment network just like Visa and MasterCard by utilizing the blockchain technology. Paycoin aims to maximize the benefit that can be returned to both merchants and consumers in the global market.

Ted Hwang, CEO of Danal Fintech claimed, “Unlike other blockchain services, more than 40 percent of Paycoin’s users are 20-30s women” adding, “our vision is to provide ‘simple and effective’ blockchain based services starting with blockchain payment network that can give benefit to both global users and merchants”.

Previous Article

November 30, 2021

The Bank of London launches as the UK’s 6th principal clearing bank

Read More
Next Article

November 30, 2021

TISAtech partners with NextWave for the adoption of innovation across financial services

Read More










IBSi Daily News Analysis

The Weekly Wrap

October 07, 2022

Danal Fintech

The Weekly Wrap: all you need to know by Friday COB | Oct 7th

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

7 FinTech tweets you should see!

Read More

Today

BKN301 Tech launches 301pay

Read More

Today

Kotak Mahindra Bank partners with Finastra for Kotak FYN

Read More

Related Reports

Sales League Table Report 2022

£1,500.00 / year

Know More
Global Digital Banking Vendor & Landscape Report Q3 2022

£1,500.00 / year

Know More
IBS Intelligence - Wealth Management & Private Banking Systems Report Q2 2022
Wealth Management & Private Banking Systems Report Q2 2022

£1,500.00 / year

Know More
Global Transaction Banking Vendors and Landscape Report Q3 2022

£1,500.00 / year

Know More
Treasury & Capital Markets Systems Report Q3 2022

£1,500.00 / year

Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2022