A pilot payment program is expected to launch by June, with 8,000 merchants joining it before the end of this year. The partnership between major South Korean exchange Bithumb and a digital payment provider Korea Pay, was announced on the 26th March.
“Through this partnership, the companies will focus on improving customer satisfaction and convenience in real life,”
Earlier this month, Bithumb partnered with several manufacturers to provide cryptocurrency terminals for restaurants and cafes. Bithumb also announced that it it is working with BitPay to allow international payments using Bitcoin. The goal of this cooperation, is to allow businesses convert invoices into Bitcoin and then settle them faster via BitPay.
$200 billion industry
BitPay’s chief commercial officer Sonny Singh said:
“Cross-border payments between Korea and the West will be a $200 bln industry this year,”
Bithumb is at number 6 on CoinMarketCap’s exchange list by 24 hour trade volume.
Korea Pay generates 300 billion won ($279 million) each year, handling over 200 offline merchants.