South Korea has become one of the world's most well-established blockchain and cryptocurrency pioneers in recent years. With significant strides taken to adopt the nascent sector, despite some contentious regulatory actions, the forward-thinking nation has set a unique standard for the world to observe and follow.
Notably, South Korea is reportedly the third-largest market in the world for Bitcoin trades, with some of the biggest cryptocurrency exchanges also located there. Cryptocurrency demand is so high in fact, that it was reported that virtual currencies in South Korea are traded at a 30% premium compared to other nations.
With that in mind, it's worth considering just how many South Koreans are looking to comfortably spend their cryptos wherever they so please, but often most retailers lack the on and off-ramps to facilitate these transactions. Cryptocurrencies are becoming far more than just speculative assets with high returns and are evolving into important financial tools.
South Korean crypto firm HUPAYX anticipated as much, and have gone strength to strength in building a real-time payments platform that has become a spectacle of crypto-adoption.
It's latest partnership with KIS Information Communications, the second-largest VAN and merchant enterprise, HUPAYX is massively increased its scope of adoption to a potential 420,000 locations in Seoul alone. These range from duty-free shops to tourist shopping districts. As per the press release, they will be integrating this service with the UPAY Wallet, with the pilot project anticipated to begin in Q3/Q4 of 2019.
Commenting on the development, The Human Plus Team – the creators of HUPAYX – stated:
"We believe that some of the key partnerships we did reflects not only on HUPAYX potential, but also in trust and technological advantage we possess over our competitors”
With a future view to partner with over 1 million stores by the end of the year, the company has rolled out a beta version of the HUPAY Wallet and merchant pos, known as the HPOS app. HPOS is presently available for download on the Google Play Store and is due to be launched on iOS in November of 2019.
Scope of Potential
One of the most significant moves made by HUPAYX is their partnership with LG U+, which has enabled the company to have its point of sale (POS) system secured and distributed via the LG U+ network. As an affiliate of the LG Group, LG U+ has the capacity to tap a user-base of over 15 million members across South Korea.
In addition, the HUPAYX team is setting up to launch blockchain-based digital currency businesses, with various local governments backing it. With LG U+ behind them, HUPAYX anticipates that it can leverage the sales partnerships, merchant applications and telecom infrastructure of LG U+.
For South Korean crypto users, or for those who have not yet realized the value of this technology, HUPAYX is well on its way to becoming a standard across the board for retailers and consumers alike, firmly building a bridge between the traditional economy and the bustling digital currency economy.
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