The partnership between Bithumb, a major South Korean service, and Pay’s, a provider of mobile payment services, aims to make cryptocurrencies available in thousands of stores across the country.
According to the Korea Times, the two partners will work together to open access to cryptocurrency transactions for 6,000 outlets by the first half of the year. By the end of the year, they plan to expand the number to 80,000 points across the country.
In addition, about 200 franchise brands subscribe to this initiative. This will allow cryptocurrency users to use Pay’s payment platform to make payments.
Exchange Bithumb officially announced their intentions.
Announcing the partnership on Monday, the official representative of Bithumb said that efforts will promote the adoption and use of cryptocurrency payments in wider public circles.
“We have taken an important step. We will try to create the conditions in which crypto-currencies will be used everywhere.”
News about the South Korean Internet giant Kakao Corp. became a notable stimulus for Bithumb to promote cryptocurrency payments. Its subsidiaries the company works with major cryptocurrency exchange UpBit.
According to local media reports, the platform is working on integrating cryptocurrency payments for 12,000 outlets. In addition, the company plans to make cryptocurrency payments available to millions of users on its platforms, including KakaoTalk, KakaoPay, KakaoStory and KakaoTaxi.
We will remind that earlier service UpBit announced the development of a new cryptocurrency index.
In recent weeks, Bithumb has also joined South Korea’s largest hotel platform for integrating cryptocurrency payments.
Efforts to create an ecosystem of cryptocurrency payments are reminiscent of similar attempts in Japan. In the country, a number of retailers began to accept digital currencies to pay for services.
In Australia, a similar partnership between a local exchange and a payment service allowed 1,200 newsstands across the country to open BTC and ETH sales to local citizens.