NHN KCP Demonstrates Integrated Online–Offline Stablecoin Payments

First in the Industry: Integration with Simple Payment Provider PAYCO
Proof-of-Concept for Online Gift Certificates and Offline Dining Establishments
Industry's First Dedicated 'Merchant Management Page' Implemented

On May 21, NHN KCP announced that it is conducting a proof of concept (PoC) to verify the potential use of blockchain-based stablecoins.

Employees are making payments with stablecoins at the NHN KCP headquarters. NHN KCP

This demonstration is being carried out on a payment-specialized mainnet established in collaboration with the global blockchain platform Avalanche.

For the first time in the industry, NHN KCP is introducing an all-encompassing stablecoin payment ecosystem that spans both online and offline channels, through integration with the simple payment service PAYCO.

In the online sector, the company is first verifying a system that enables the purchase and sale of PAYCO gift certificates using stablecoins within the PAYCO application, thereby securing the scalability of online payments.

In the offline sector, the demonstration is being conducted in dining establishments within the company headquarters, such as the in-house cafe and cafeteria, to assess operational stability in an actual commercial environment.

The company explained that, beyond mere technical verification, this process is the first in the industry to confirm the potential for stablecoins to be utilized at a variety of real-life payment touchpoints, based on the infrastructure of simple payment platforms.

There have also been meaningful advancements in terms of technical operations and user convenience. For the first time in the industry, a 'stablecoin payment management page' for merchants is being provided.

Through this feature, operators of online gift certificate shops and offline retail stores can transparently monitor blockchain-based payment flows and settlement data in real time.

The primary goal is to create a user interface and experience (UI/UX) that enables merchants to manage sales as easily and accurately as with existing credit card settlements, without requiring specialized knowledge of blockchain technology.

The company is also confirming significant results in terms of performance. During the demonstration process, in which approximately 700 employees participated, payments from QR code scanning to approval are being completed in about two seconds. This suggests that stablecoins can serve as an efficient means of payment in real-world transactions.

NHN KCP plans to accelerate system advancement based on the real transaction data and operational expertise acquired through this demonstration. After the completion of the PoC, the company will share the results with major financial partners and large-scale merchants, and will continue discussions aimed at commercializing the system.

An NHN KCP representative stated, "This project is the industry's first example of a payment service process that covers the entire spectrum, from integrated online–offline payments to merchant management systems."

The representative added, "Blockchain-based smart contracts automatically execute the merchant settlement process, forming a system that goes beyond simple technical verification. We aim to establish a new payment standard that combines finance and blockchain, and to create an expanded payment experience together with our partners."

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