Shinhan Bank, KSNET Complete Stablecoin Payment PoC for Foreign Tourists
Summary
- Shinhan Bank, KSNET and Crypto.com said they have completed a proof of concept for stablecoin payments for foreign tourists.
- The test was conducted at actual merchant locations under a structure in which foreign tourists paid with dollar-based stablecoins and domestic merchants received settlement in won.
- KSNET provided QR payment and settlement infrastructure, Shinhan Bank reviewed links to financial infrastructure for won-denominated settlement, and Crypto.com supported stablecoin payments.
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Shinhan Bank, KSNET and Crypto.com have completed a proof of concept for simplified stablecoin payments for foreign tourists.
SBS Biz reported on Oct. 19 that KSNET, together with Shinhan Bank and global cryptocurrency exchange Crypto.com, completed a proof of concept for Crypto.com Pay payment infrastructure centered on K-beauty and medical tourism merchants.
The test was conducted in actual merchant settings under a structure in which foreign tourists paid with dollar-based stablecoins and domestic merchants received settlement in won. Ahead of commercialization, it was operated on a limited basis at select merchants, including major domestic hospitals and clinics.
Payment methods were limited to dollar-based stablecoins. KSNET said it provided QR payment and settlement infrastructure so merchants could receive settlement proceeds in won without directly holding virtual assets.
Shinhan Bank also reviewed whether financial infrastructure could be linked for the receipt of domestic payment funds and won-denominated settlement for merchants. Crypto.com supported stablecoin payments through its payment service and user base.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.