“Pay Protocol” aims to simplify cryptocurrency payments. Centralized payment systems are burdened with intermediary fees while contemporary crypto-payments requires high level of technicality. Which is why Pay Protocol has partnered with “Danal” one of the leading leading payment providers in South Korea, to co-develop a crypto payment platform.
Danal pre-established payment infrastructure serves as a unique strategic partner for Pay Protocol. Foremost, Danal has over 100,000 online and offline merchant partners such as: Naver, Kakao, Nexon, G-Market, and Blizzard. Overall, Danal dominates a total market share of $5 billion dollars in the South Korea’s mobile payment space.
Centralized payment providers suffer from three inherit issues. Firstly, there are too many intermediary parties involved in the payment process which increases the complexity and minimum costs of transactions. Secondarily, as settlements are intermittently handled settlements create a bottleneck that delay overall transactions. Thirdly, developing countries, lack the basic infrastructure required to execute complex payment processes.
PayProtocol aims to bridge the gap between users and merchants via blockchain technology. From the user-side, Pay Protocol can enable seamless payments through Danal’s pre-installed POS devices in franchises such as “Dal.Komm Coffee”.
From the merchant-side, Pay Protocol provides an integrated merchant management system that allows merchants to accept cryptocurrency payments in real-time. Utilizing a decentralized multi-cryptocurrency system, Pay Protocol can drastically decrease transactions costs of merchants.
Pay Protocol is developing an end-to-end payment system for users and merchants.