CONNECT WITH US
Fintech

Fintech

Finovate Global Korea: Payments, Blockchain Networks, and Cybersecurity

Finovate logo

Published on

Add as a preferred source on Google
Finovate Global Korea: Payments, Blockchain Networks, and Cybersecurity

This week’s edition of Finovate Global showcases recent fintech news from South Korea.

Korea’s Gwangju Bank announced that it had successfully completed proof of concept (PoC) for stablecoin-based QR code payments in partnership with Seoul-based superapp Toss. The PoC linked the Gwangju Bank mobile app, the Toss app, and Toss Place payment terminals. Selecting stablecoin payment in the bank app opens the QR scanner in the Toss app, where the user can scan the QR code displayed on the merchant’s payment terminal to verify the payment amount and complete the transaction.

The demonstrated flow was designed to transfer stablecoins from the customer’s wallet to the merchant’s wallet. The payment result could then be verified in the Gwangju Bank app, completing the app-to-app payment process. The PoC used a virtual merchant, and no actual customer data or assets were involved.

The two entities added that they plan to streamline the process by reducing the number of steps customers must take. The bank and fintech are also discussing a second phase of testing involving actual merchants in the Jeonnam and Gwangju regions.

“The PoC conducted with Toss is significant in that it established a technological foundation to proactively respond to the digital asset payment environment and verified the user experience from a customer perspective,” Gwangju Bank Vice President Byun Mi-Kyung said.

Gwangju Bank is a regional South Korean financial institution and a subsidiary of JB Financial Group. 4 trillion ($54 billion) at year-end 2025. It operates branches in Gwangju, Jeonnam, Seoul, Incheon, and Seongnam.


Source link
Related Topics:Fintech

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We TheMorningPulse.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It's possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.