Vitoz, Modetour, Jeonbuk Bank, and RingNet Successfully Complete Stablecoin Payment Technology Proof of Concept for Travel Products

Modetour Stablecoin Payment PoC Dashboard. Provided by Vitoz

Vitoz announced on April 13 that it had successfully completed the "Stablecoin-based Payment Ecosystem Proof of Concept (PoC)" in collaboration with Modetour, Jeonbuk Bank, and RingNet.

This PoC project aimed to verify the business applicability of stablecoin payments for Modetour travel products.

In particular, the project focused on the customer base of Jeonbuk Bank, which has been a leader in foreign customer-focused finance since 2016. It prioritized testing a cross-border payment model that enables inbound tourists to Korea and foreign residents (such as workers and international students) to purchase travel products without complicated currency exchange processes or high intermediary fees.

Alltour Travel Product Page Available for Purchase with Stablecoin. Provided by Vitoz

The participating companies enhanced the system’s integrity through clear division of roles. Vitoz and RingNet demonstrated the technological feasibility of the payment infrastructure with a hybrid blockchain and the jointly developed Crypto Payment Gateway (CPG) solution, while Jeonbuk Bank verified the reliability of the system at an institutional level by cross-checking the flow of funds and financial stability throughout the stablecoin lifecycle. Modetour confirmed the business viability by integrating the solution with its own products for real-world service linkage.

Additionally, the PoC achieved effective improvements by implementing smart contract-based instant refunds and automated settlement for partner companies, thereby reducing the fee burden and settlement delays commonly encountered in conventional cross-border payments.

A Jeonbuk Bank representative stated, "This PoC is a case that verified the entire process in which customers' stablecoins, based on a custody wallet, are utilized for payments on the blockchain. We will review service development to offer not only domestic but also foreign customers a faster and more transparent experience across the entire spectrum of travel financial services."

Woo Junyeol, CEO of Modetour, commented, "By verifying both the technology and the institutional-level reliability of the stablecoin infrastructure and integrating it with Modetour travel products, this PoC demonstrated the potential of a cross-border payment model accessible to anyone regardless of nationality. We will continue to expand cooperation with our partners to consistently provide differentiated payment environments and travel services that enhance customer convenience."

Lee Sangkuk, CEO of Vitoz, said, "This PoC technically proved that our regulation-friendly hybrid blockchain and CPG solution can operate in real payment environments. Building on this, we will expand our payment infrastructure—optimized for KRW stablecoins—beyond travel to various other industries."

This content was produced with the assistance of AI translation services.