Paycoin expands its boundary beyond Korean market
By Leandra Monteiro
Paycoin (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”.
IBSi Daily News Analysis
October 07, 2022
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