Danal Paycoin “Will be a global payment service”
This article is an English translation of the article published by Financial News
All rights to the information below belongs to the FN news site with translations provided by ICON P-Rep team ICON DAO.
Danal’s virtual asset Paycoin (PCI), an integrated payment company, has expressed its ambition to leap forward and become a popular payment method around the world.
note: Due to legal reasons crypto is formally referred to as a virtual asset in Korea.
The plan is to implement Paycoin as an easy payment for the global market, rather than simply using Paycoin payment in the Korean market.
On the 11th Danal FinTech, a blockchain payment subsidiary of Danal, unveiled a roadmap for its virtual asset business through its Bitcoin simple payment service Webinar on the 10th.
As of the end of February, the number of Paycoin app users increased from 800,000 in December last year to 1.1 million. This is an increase of 300,000 in two months. Furthermore, the payment app has even managed to develop a wide user base of women and users aged 40–50 demographic, accounting for more than 40% of the total.
“PayPal, Mastercard, Visa, Square, and other virtual assets payment methods are expanding worldwide,” said Kim Young-il, head of the business strategy at Danal Fintech’s Business Division, who was a speaker.”We plan to expand our scope so that users can pay using their virtual assets anytime, anywhere.”
Kim pointed out that the biggest strength of virtual assets is that currency exchange is unnecessary. If you have a mobile phone, which everyone always has, you can make payments anywhere at home and abroad through a virtual asset wallet and the virtual assets you possess.
“If you use the Danal UnionPay mobile pre-paid card service, which is scheduled to be released this month, users of the PayCoin app can pay just by presenting a barcode at 30 million UnionPay offline affiliates around the world,” he continued. “Korean users can enjoy actual services with just using the Paycoin app to pay without having to exchange money separately before leaving the country.”
When Paycoin’s Bitcoin (BTC) payment service is launched next month, users will be able to convert bitcoin to Paycoin in the Paycoin app and then pay at the store. Afterwards in the short term, Danal Fintech plans to support Japanese, Singaporean, and other Southeast Asian users to make payments locally with Paycoin, and plans to further their expansion to the overseas payment market by utilizing UnionPay.
In addition to simply making payments, Danal Fintech also draws in a variety of virtual asset-based services. Bitcoin, Paycoin, Ethereum (ETH), ICON(ICX), and Central Bank Digital Bank (CBDC) will be uploaded on the Paycoin app so that various virtual assets can gather and flow on the platform.
Kim explained, “We also plan to expand the service to provide a swap function that allows users to exchange virtual assets accumulated by paying within the Paycoin app and the amount of virtual assets itself as a liquidity pool.” In other words, the rich virtual assets collected in the Paycoin app are used as the basis for DeFi services without brokerage agencies such as banks.
In addition, to be in line with Korea’s first virtual asset-related regulation set to be implemented on the 25th of this month, the Specialty Act (Act on the Reporting and Use of Specified Financial Transaction Information), Danal Fintech is preparing to acquire status as a virtual asset operator defined by law.
Even without going to a virtual asset exchange app, users can deposit won(Korea’s currency) into the Paycoin app to purchase virtual assets. And even use virtual asset financial products linked to won, and they will be issued real-name verification virtual accounts under the special law(Basically, making the transaction legal).
“I think virtual asset financial services (with their relatively high interest rates) can be competitive compared to traditional financial services because the market interest rates are very low,” Kim said. “We plan to launch virtual asset investment products that can be easily used even if users are not familiar with virtual assets such as women and the elderly.”
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