PayProtocol signed a partnership with South Korea’s coffee franchise Dal.komm Coffee. Pay Protocol is a subsidiary of Danal, a domestic payments company. Why is Pay Protocol attracting attention, amidst the countless number of blockchain projects and companies continuously emerging since the blockchain boom? The company stands out from other projects thanks to its extensive infrastructure, many years of experience, and firm relationships with merchants, which are provided by Danal. The parent company already has presence in global markets including the US, Europe, and Asia. Pay Protocol provides excellent offline and online payment services that overcome the limitations of existing payment services.
Pay Protocol’s offline payment service, implemented through Danal’s support, is worth taking a look at. In addition to providing customizable payment solutions to over 100,000 online shopping malls and 80,000 retailers in eight countries over the years, Danal also offers a wide range of payment options including mobile payments, barcode and QR code payments, gift cards, and more. The parent company’s barcode payment infrastructure is connected to more than 80,000 merchants in South Korea, most notably to the country’ stop three convenience store brands that occupy over 70% of the domestic convenience store market. Installing a point-of-sale (POS) terminal, which is necessary for major retail payment systems, costs about 1 million won, burdening most small-sized merchants.
Moreover, developing countries have outdated terminal systems and mobile payments are on the rise as part of the result. To provide solutions and meet market demands, Pay Protocol plans to launch a mobile POS application using Danal’s existing resources and offer a practical cryptocurrency payment environment for offline retailers.
PayProtocol will test and refine the offline payment infrastructure through its partnership with Dal.komm Coffee, which is another one of Danal’s subsidiaries. Since the opening of the first store in 2011, Dal.komm Coffee has successfully expanded its business in both domestic and overseas markets. Dal.komm Coffee has built its system based on Danal’s strong capital strength and has been promoting its brand by utilizing diverse marketing content. Dal.komm Coffee supports a diverse lifestyle, incorporating music and culture to create new spaces for the public. The coffee franchise actively finds celebrity models for their promotions in addition to appearing in popular Korean drama series including Goblin, Descendants of the Sun, and My Love from the Star.
PayProtocol will complete the testnet development and start its PoC within the third quarter of 2018. After finishing the PoC environment, the company plans to conduct a variety of tests at the retail stores of its business partners. Dal.komm Coffee in particular is strategically the best place to test Pay Protocol’s solutions because it has over 100 stores in the country, where multiple test trials can be held at the same time. The functions to be tested at the stores include Pay Protocol’s Wallet application, the offline POS system, and barcode recognition. Danal will deliver Pay Protocol’s payment service to more than 80,000 retailers and 100,000 online malls. Pay Protocol’s cryptocurrency payment module can be integrated with Danal’s systems, which allows the solution to be immediately offered to their existing merchants.
PayProtocol is in constant development using exclusive technology that is shared with its various domestic and foreign partners. The project is much expected to build a promising infrastructure through its partnership with Dal.komm Coffee, which has more than 100 stores in the country. Pay Protocol has also partnered with a number of global companies to expand its business worldwide. It is noteworthy that the company is rapidly moving to the global market.
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