KSNET Participates in Pilot for Foreign Tourists' Stablecoin Payments with Shinhan Bank

Payment processing company KSNET and Shinhan Bank have participated in a pilot program connecting stablecoin payments from foreign tourists to domestic merchants' settlement in Korean won. On the 19th, KSNET announced that it has completed a proof of concept (PoC) for the stablecoin payment service 'Crypto.com Pay' in collaboration with Shinhan Bank and global cryptocurrency exchange Crypto.com. This pilot allows foreign tourists to make payments using dollar-based stablecoins, while domestic merchants receive the payment in Korean won. The service was tested in a limited capacity at some beauty and medical tourism-related hospitals and clinics. Shinhan Bank examined the feasibility of linking financial infrastructure for receiving payment domestically and settling in won for merchants. KSNET provided a QR-based payment infrastructure and settlement system, enabling merchants to receive payments in won without holding digital assets separately. Park Han-guk, CEO of KSNET, stated that the three companies have verified a transparent and secure payment and settlement structure by combining their payment and financial infrastructures.

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