Major South Korean Store Chain Supports Blockchain Payments App
Mobile payments app Chai is launching mobile blockchain-based payments at 13,500 CU convenience stores in South Korea.
According to an Oct. 7 news release shared with Cointelegraph by
blockchain startup Terra, Chai — which operates on the Terra blockchain — will now be accepted as a means of payment at the major convenience store chain.
App support will be added at CU by the end of 2019 following a partnership between Chai and convenience store operator BGF Retail, which owns the stores in question.
Per the release, Chai will also offer low transaction fees to merchants and ongoing 5% to 10% discounts to shoppers thanks to seigniorage resulting from growth in Terra’s stablecoin economy. The announcement also claims that the app “is integrated with seven mainstream e-commerce platforms, with its user base exceeding 450,000.”
Lastly, the company claims to have landed a partnership with BC Card (reportedly South Korea’s largest payment processor) to launch a prepaid debit card by early 2020.
As Cointelegraph reported in August, Terra also added South Korean music streaming platform Bugs to its e-commerce alliance and business-to-business fashion platform Sinsang Market.
Cryptocurrencies are becoming more widely accepted in stores worldwide as retailers partner with
cryptocurrency firms to expand payment options for customers.
In September, Cointelegraph reported that support for Bitcoin (BTC) payments will launch at over 25,000 sales points for 30 French retailers following a partnership between point-of-sale technology provider Global POS and EasyWallet application and payments platform Easy2Play.