NHN KCP, one of South Korea’s largest payment gateway providers, has launched a pilot project aimed at accelerating the commercialization of stablecoin payments as competition grows to build blockchain-based payment infrastructure.
The company announced today it is conducting a proof of concept with Payco, a mobile payment app that competes with Naver Pay and Kakao Pay, to test integrated online-to-offline stablecoin transactions using a blockchain network developed with Avalanche.
In internal tests involving around 700 employees, the system clocked approximately two seconds from QR code scan to payment approval.
How it works
Online, users can purchase and sell Payco gift certificates using stablecoins within the app they already know. Offline, the system was tested at a cafe and cafeteria inside NHN KCP’s headquarters.
