MoonPay, KB Kookmin Card to Develop Digital-Asset Payment Model for Foreign Users
Summary
- MoonPay and KB Kookmin Card said they will begin developing digital asset-based payment services.
- The companies said they are reviewing business models for domestic merchant payments by foreign visitors and cross-border payments using stablecoins.
- The companies said they plan to use a joint PoC to gradually test the feasibility of digital asset-based merchant payments and cross-border payment models.
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MoonPay, a global crypto payments and stablecoin infrastructure company, said on October 6 that it will work with KB Kookmin Card to develop digital-asset-based payment services.
The companies will cooperate on payments by foreign users at South Korean merchants and on cross-border payments using stablecoins. They aim to combine KB Kookmin Card’s payment infrastructure with MoonPay’s global digital-asset technology and network to explore business models that can be applied in real-world payment environments.
The first step will be to develop a way for foreign users to pay at South Korean merchants with digital assets, including stablecoins. The companies will examine a structure linking digital assets with the domestic payment network to improve payment access for foreign users while enabling merchants to process transactions reliably.
The partnership will also expand into cross-border payments using stablecoins. By connecting MoonPay’s global infrastructure with KB Kookmin Card’s payment network, the companies will review business structures that could make cross-border fund transfers and payment processing more efficient.
The two companies will also conduct a joint proof of concept, or PoC, to assess whether the services can be implemented in practice. They plan to verify safety, ease of use, interoperability and commercial feasibility in stages based on their technologies, payment infrastructure and digital-asset business experience.
Lee Boo-geon, MoonPay’s co-founder and head of Asia, said a user experience that connects naturally with existing payment infrastructure is essential for digital assets to expand into everyday payments. Combining KB Kookmin Card’s payment network with MoonPay’s global digital-asset infrastructure will allow the companies to test new use cases in payments by foreign users at domestic merchants and in cross-border payments, he added.
MoonPay and KB Kookmin Card said they plan to use the PoC results to further refine the technology’s and business model’s feasibility. They also aim to gradually develop digital-asset-based merchant payment and cross-border payment models while taking South Korea’s regulatory framework and payment environment into account.
