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Is it the effect of Bitcoin? There is also a cryptocurrency that has gained attention due to a short-term surge in Korea. Comprehensive payment (PG) company Danal (064260)It is a cryptocurrency’Paycoin’ issued by Danal Fintech, a subsidiary of Fintech, as a payment method.
Recently, Danal Fintech announced that it will launch an application (app) that can pay for general convenience stores, restaurants, and bookstores with bitcoin for the first time in Korea from April. Percent or more soared.
In a telephone interview with Seoul Economic Daily on the 22nd, Hwang Yong-taek (photo), CEO of Danal Fintech, said, “It seems that the price volatility is increasing due to the rush of investment demand rather than payment demand.” If (Paycoin) is widely used as a payment method in shops, restaurants, and bookstores, the volatility such as price surge will decrease.”
Paycoin reduced the merchant fee rate to 1%, which is less than when paying by credit card by eliminating unnecessary payment steps. The payment is deposited 3 days after the transaction, which is settled in Korean won. Bitcoin is the biggest difference from not being settled in won. When paying overseas through Paycoin, there are no costs such as currency exchange fees. There are 3.9 billion Paycoins issued so far. It is currently trading at a price of 1,800~2,000 won. The market cap alone is about 7 trillion won.
If the Paycoin price surges, the issued Danal Fintech is likely to improve, but it is not at all. This is because if the price of Paycoin surges in the short term, there will be fewer reasons to buy things with Paycoin. Danal Fintech’s profits come from actual payments, not from Paycoin prices. It is said to be an investment method and hinders its settlement as a payment method.
As of last year, the payment amount for Paycoin was 7.9 billion won. The place where the most payment is made is at the convenience store CU. In addition, payments are mainly made at franchise restaurants such as Domino’s Pizza. The cumulative number of subscribers and monthly average users reaches 1 million and 200,000, respectively. For this reason, Hwang is focusing on securing more merchants that can pay with Paycoin. Representative Hwang emphasized that “the goal is to provide a stable payment service by expanding the places where (Paycoin payment) is used. This year, we will focus on attracting a wider variety of merchants and discovering merchants abroad.
Paycoin’s affiliated franchisees reach more than 60,000 stores, including convenience stores such as 7-Eleven, SeeU, and Ministop, and food franchises such as Domino’s Pizza and KFC. The launch of mobile prepaid cards is also ahead through partnership with global payment provider UnionPay. Danal Fintech said that there will be no plans to issue additional Paycoin for the time being to stabilize the price.
/ Reporter Park Ho-hyun [email protected]
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