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NHN KCP, a South Korean payments company, said Aug. 20 that it signed a memorandum of understanding with global Web3 platform company LINE NEXT to expand stablecoin-based payment services.
The companies plan to link NHN KCP’s merchant infrastructure in South Korea with Unifi, LINE NEXT’s global digital-asset wallet, to broaden the practical use of stablecoins in payments.
Under the agreement, LINE NEXT’s Unifi Pay technology will be integrated into NHN KCP’s payment window. Overseas users will be able to purchase goods and services from merchants in South Korea using stablecoins held in their Unifi wallets, without separately registering a Korean credit card or bank account. Domestic merchants, meanwhile, will be able to maintain their existing KCP payment environment and reach global customers without building separate blockchain payment infrastructure.
The two companies also plan to establish a cooperation framework in preparation for the possible institutionalization of won-linked stablecoins. If related laws, regulations and licensing standards are put in place, NHN KCP will review whether to participate in stablecoin distribution and support the storage, transfer and payment functions of those stablecoins through the Unifi wallet.
NHN KCP said it filed 25 related trademark applications in April, including 24 in South Korea and one overseas, as part of efforts to respond early to market changes. Last month, it also demonstrated stablecoin payments and real-time settlement technology based on the PAYCO Wallet with global blockchain platform Avalanche.
An NHN KCP official said the company aims to combine its online and offline merchant network and payment operations capabilities in South Korea with LINE NEXT’s global network to expand stablecoins beyond storage and transfers into a practical payment method for commerce.
Source: en.bloomingbit.io