Card issuer issues its own token on Kaia Chain in industry first

Employees to test QR-based payments at headquarters store

On-chain authentication to verify security and compliance

Shinhan Card announced Tuesday that it conducted a direct payment test between blockchain-based wallets in partnership with digital asset firm Dunamu. [Shinhan Card]
Shinhan Card announced Tuesday that it conducted a direct payment test between blockchain-based wallets in partnership with digital asset firm Dunamu. [Shinhan Card]

Shinhan Card is teaming up with Dunamu to pilot offline payments using blockchain-based tokens. The test will explore whether users can complete transactions simply by scanning a QR code with a self-issued token, and will assess the technology's viability for commercial use in physical stores.

Shinhan Card said Tuesday it will run a payment test for employees at a store on the below-ground floor of its headquarters, using Dunamu's public blockchain Kaia Chain and its dedicated wallet, Kaia Wallet. It is the first time a domestic card issuer has conducted a payment pilot using a Kaia Chain-based wallet.

The test will use tokens issued directly by Shinhan Card on Kaia Chain. Dunamu will provide the blockchain infrastructure while Shinhan Card handles token issuance and operation.

Participating employees will receive tokens through the Kaia Wallet app and pay by scanning a QR code displayed at the store. The system is designed so that payments can be completed without entering a wallet address or going through a separate transfer process.

The pilot will also examine security and compliance requirements. Using Kaia Chain's "Dojang" authentication technology, the system verifies on-chain whether a user is a registered employee and restricts payments to pre-registered wallets. Shinhan Card plans to use the test to validate its ability to block unauthorized transactions.

Shinhan Card has also been expanding its digital asset payment partnerships overseas. On Monday, it signed MOUs with SBI VC Trade and SBI XDC Network Asia Pacific, both affiliates of Japan's SBI Group, to pursue technology verification covering card payments using yen-denominated stablecoins, wallet-to-wallet payments and cross-border trade settlement. The company also plans to review measures to ensure payment security, including anti-money laundering and fraud detection systems.

Building on the pilot, Shinhan Card plans to gradually expand the number of participating merchants and pursue step-by-step integration with global blockchain networks. "Through this pilot test, we aim to set a new standard for blockchain-based financial services and lay the groundwork for immediate commercialization once legislation is in place," a Shinhan Card official said. "We will continue to expand participating merchants and pursue phased integration with global blockchain networks."


snsd@heraldcorp.com