MoonPay, KB Kookmin Card to Develop Digital-Asset Payments Model for Foreign Users

MoonPay, a global digital-asset payments and stablecoin infrastructure company, said on October 6 that it will work with KB Kookmin Card to develop digital-asset-based payment services.

The companies will focus on payment services for foreign users at domestic merchants in South Korea and on cross-border payment models using stablecoins. They plan to combine KB Kookmin Card’s payment infrastructure with MoonPay’s global digital-asset technology and network to explore business models that can be applied in real-world payment settings.

They will first develop ways for foreign users to make payments at domestic merchants in South Korea using digital assets, including stablecoins. The companies will also review a structure that links digital assets to South Korea’s domestic payment network, with the aim of improving payment access for foreign users while allowing merchants to process transactions reliably.

The partnership will also expand into cross-border payments using stablecoins. The companies will examine business structures that could improve the efficiency of international fund transfers and payment processing by linking MoonPay’s global infrastructure with KB Kookmin Card’s payment network.

The two companies will also conduct a joint proof of concept, or PoC, to assess whether the service can be implemented in practice. They plan to verify safety, convenience, interoperability and commercial feasibility in stages based on their technology, payment infrastructure and experience in digital-asset businesses.

Lee Bu-geon, MoonPay’s co-founder and head of Asia, said user experience that connects naturally with existing payment infrastructure is important for digital assets to expand into an everyday payment method. Combining KB Kookmin Card’s payment network with MoonPay’s global digital-asset infrastructure will allow the companies to test new use cases in domestic payments by foreign users and in cross-border payments, he added.

MoonPay and KB Kookmin Card said they plan to use the PoC results to further define the technology and business feasibility of the project. They aim to gradually develop digital-asset-based merchant payment and cross-border payment models while taking South Korea’s regulations and payment environment into account.