Pay Protocol is an innovative payment service based on blockchain and is attracting local industry’s attention. With the blockchain boom in recent years, a variety of attempts were made to simplify the supply chain by utilizing blockchain and token economy, to provide a lower-cost payment solution. In order for a cryptocurrency payment solution to be commercialized in real life, however, at least three things must be considered. First, how can we overcome environmental differences such as network and region? How do we deal with liquidity? Finally, how do we expand the business to merchants lacking technical resources? Pay Protocol, which has recently been highlighted by numerous blockchain leaders, provides a solution for these issues. The platform aims to address both structural limitations of existing payment systems and problems faced by many crypto projects.
Over the past two decades, Danal, Pay Protocol’s parent company, has provided highly customized payment solutions to over 100,000 online shopping malls and 80,000 retailers worldwide with a wide range of payment options such as barcode and QR code payments, gift cards, and loyalty point payments. When combined with crypto payment modules, Danal’s payment technology is expected to be immediately applicable to cryptocurrency. Pay Protocol is a blockchain-based platform that combines in-store services such as Square and online services such as Stripe. It offers easy-to-use, friendly payment solutions to any user. The project’s APIs and SDKs will be available for online integration and developer-friendly tutorials. Having developed appropriate payment modules to fit a variety of online businesses including games, e-commerce, web comics, music streaming, and movies, Danal is vigorously supporting Pay Protocol. Through this relationship and the parent company’s years of experience and market understanding, Pay Protocol is working to create a practical crypto payment platform.
For retail stores, Pay Protocol will provide essential tools such as development API for POS vendors and mobile POS applications for small-sized merchants. They’ll utilize Danal’s barcode payment infrastructure which is connected to more than 80,000 merchants in South Korea. The barcode network is already connected to the top three convenience store brands that have over 70% market share. The cost of installing one POS device in South Korea is about 1 million KRW, which is costly for most small vendors. As such, demand for mobile payments is rising in emerging economies where the POS infrastructure is old and outdated. Observing this change, Pay Protocol plans to launch a mobile POS application built into Danal’s existing applications and create a crypto payment environment that’s readily available to retailers.
The project will build a proof of concept (PoC) environment within Q3 2018 and complete performance tests at a number of Dal.komm Coffee stores. Dal.komm Coffee is another well-known subsidiary of Danal and has approximately 100 stores in South Korea, making it the best environment for testing Pay Protocol’s solution. PoCs to be tested at Dal.komm stores include Pay Protocol’s Wallet app, offline POS system, and barcode recognition.
Pay Protocol is planned to launch its online and offline payment service domestically in Q1 of next year, immediately connected to Danal’s network of distributors. The company provides an optimal solution to address pain points of traditional payment systems. The solution will take advantage of Danal’s excellent infrastructure and experience to provide friendly and convenient payment services that are readily available to small businesses with limited technical resources.
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