KB Kookmin Card Joins Mastercard Crypto Partner Program, Tests Stablecoin Payments

KB Kookmin Card has joined Mastercard’s global digital-asset partnership program and plans to test payment technology linking stablecoins with KB Pay.

ETNews reported on September 21 that KB Kookmin Card joined Mastercard’s Crypto Partner Program, or CPP, in response to changes in the global stablecoin payments market. CPP is a global partnership program designed to connect the cryptocurrency and blockchain ecosystem with traditional payment networks.

Through the program, KB Kookmin Card plans to expand cooperation with global payment networks and digital-asset companies. It also intends to pre-validate payment technology and processes ahead of potential changes in related laws and regulations in South Korea.

In particular, the company will use Coinbase’s blockchain wallet to verify whether stablecoins can be linked with KB Pay. It plans to connect blockchain transactions with existing card-payment processes, including authorization, settlement, cancellations and refunds. The company also plans to examine transaction-status synchronization and exception handling, both of which are required for real-world payments.

KB Kookmin Card said the pilot will help it build the technology and payment infrastructure needed to prepare for a future expansion of the stablecoin payments market.