Crypto.com has partnered with KG Inicis, South Korea's largest payment gateway and value added network provider, to enable cryptocurrency payments for foreign travellers across KG Inicis's merchant network using Crypto.com Pay.
KG Inicis processes over 400 million transactions a year and its network covers a wide range of goods and services, as well as international-facing K-commerce platforms.
The integration will allow foreign visitors to pay using digital assets in person and online, while merchants can choose to receive settlement immediately in either fiat currency or digital assets.
Crypto.com says the arrangement gives international users greater payment flexibility alongside faster and cheaper transaction options compared with conventional cross-border payment methods.
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A representative from KG Inicis said a payment infrastructure bridging digital assets with the real economy would become a core part of the competitiveness of future finance and commerce, and that the company planned to expand infrastructure allowing digital assets to be used in actual economic activity while maintaining a solid legal and regulatory foundation.
The two companies said they would explore further collaboration subject to compliance with local regulations, including promotional activities, co-marketing opportunities and new products and services.
The recap
- Crypto.com partners with KG Inicis to enable Crypto.com Pay.
- KG Inicis handles over 400 million transactions a year.
- Companies will explore co-marketing and new product collaborations.