Toss, Gwangju Bank Complete Proof of Concept for Stablecoin QR Payments
Summary
- Toss and Gwangju Bank said they completed a proof of concept for stablecoin-based QR code payments.
- The companies said the payment structure links the Toss app and the Gwangju Bank app, allowing customers to pay with stablecoins at offline stores while settlement is completed at the same time.
- The two companies said they plan to prepare a second round of verification involving actual merchants based on the latest results.
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Toss said on October 8 that it had completed a proof of concept for stablecoin-based QR code payments with Gwangju Bank.
The test was designed to verify a payment scenario in which a Gwangju Bank customer uses stablecoins at an offline store through the Toss app. When a user of the Gwangju Bank app selects the stablecoin payment option, the linked Toss app opens automatically and the payment proceeds by scanning a QR code.
Settlement is structured so the payment amount is delivered directly to the merchant. The transfer is processed without an intermediary step, and payment and settlement are confirmed at the same time the transfer is completed. That means no separate settlement procedure is required after the payment is made.
The verification was conducted in an environment separate from commercial services. The companies set up a virtual merchant and implemented the payment flow without using customer information or real assets. The exercise focused on confirming that payment and settlement worked as designed.
Based on the results, the two companies are preparing a second round of verification. They plan to streamline the payment process to reduce the number of steps for customers and discuss the scope of a test involving actual merchants.
Bae Tae-woong, Hankyung.com reporter, btu104@hankyung.com
Uk Jin
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