CHAI mobile payments app sees $54 million in blockchain transactions
Korean mobile payments app CHAI has facilitated over 2.7 million transactions to its 500,000 users over the Terra blockchain.
Mobile payments app CHAI is using blockchain technology to provide cheaper transactions for local businesses in Korea. So far, the CHAI app has facilitated $54 million worth of transactions via the Terra blockchain in its first four months of operation.
The app uses stable coins — cryptocurrencies with prices pegged to fiat currencies, such as the US dollar — to provide cheaper transactions, and passes the savings along to its users. It claims that using blockchain technology has saved merchants $810,000, based on estimated fees charged by traditional payment providers.
Daniel Shin, co-founder of Terra said in a press release, “Korea is quickly becoming the prime example for how we can innovate payments around the world.”
Korean-based CHAI is the first mobile payments app to utilize the Terra network, a platform that enables anyone with a bank account to make payments using blockchain technology. CHAI said that payment fees are “as low as 0.5 percent, as compared to the 2.5 to 3 percent most traditional payment providers charge.”
So far, it appears to have been working; since launching in June this year, the mobile payments app has already reached 500,000 users.
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