Hana Card joins effort to expand payment ecosystem

PoC to verify multi-stablecoin deductions using dollar and yen stablecoins

[Provided by Hana Financial Group]
[Provided by Hana Financial Group]

Hana Financial Group announced Friday that it is jointly conducting a proof of concept with Dunamu to build a payment and settlement ecosystem based on Upbit, Dunamu's digital asset platform.

The core of the pilot is to link Upbit with the Kaia Wallet digital asset wallet and verify the full process — from stablecoin payment to merchant settlement — using stablecoins held by customers.

Hana Card, a key affiliate of Hana Financial Group, is also taking part in the verification. Hana Financial said it plans to boost the everyday utility of stablecoin payments, drawing on the model of Travellog, its product offering free currency exchange and waived overseas transaction fees.

The most significant change is expected in settlement cycles for online and offline merchants. Unlike traditional credit card networks, which can take several days to settle, blockchain technology can compress that process to near real time, improving cash flow for small business owners.

The PoC will also test "multi-stablecoin deduction," which allows a single transaction to draw from more than one stablecoin. When a customer uses a card linked to the Upbit wallet abroad, the system first charges dollar stablecoins USDT and USDC, then automatically switches to JPYC, a yen-denominated stablecoin, if the balance runs short.

The two companies also plan to develop a benefits program for VIP customers, including high-net-worth individuals. Hana Card intends to roll out tailored premium services and exclusive partnership perks for Dunamu's VIP customers starting in January.

"Through our collaboration with Dunamu, we have been able to realize a next-generation payment and settlement process that the general public can genuinely feel and use in practice," a Hana Financial official said. "By integrating the already widely adopted Upbit exchange wallet, we plan to set the standard for the domestic digital asset payment market and build a payment ecosystem where everyone is connected and actively engaged."

Meanwhile, Hana Financial and Dunamu are also working to build a blockchain-based overseas remittance and payment infrastructure. For that project, the group has selected Lambda256, a subsidiary of Dunamu, as its technology partner and is working to integrate Kaia Chain with its existing foreign exchange and account systems.


kyoung@heraldcorp.com
hyuk@heraldcorp.com