Customers in South Korea operating on the Terra blockchain will be able to pay with the mobile application Chai at 13,500 CU convenience stores by the end of 2019. The app has partnered with BGF Retail, which owns the convenience stores on the blockchain-based payment service.
Due to the increasing seigniorage in Terra’s stablecoin economy, the app will offer 5-10% discounts to shoppers and collect transaction fees from merchants at a low rate. According to Cointelegraph, Chai “is integrated with seven mainstream e-commerce platforms, with its user base exceeding 450,000.”
In the Terra and Chai partnership, Chai is responsible for the infrastructure of a payment gateway that offers reliable and secure transactions as well as convenient settlement with merchants in government-issued money. The technology will also simplify payments for merchants and charge them lower transaction fees.
Terra has reportedly partnered with BC Card, a large payment processor in South Korea, to issue a prepaid debit card service at the beginning of next year. Expected to be called Chai Card, it is set for launch in the first half of 2020, CryptoNinjas reported.
Other Terra e-commerce alliances include South Korean music streaming platform Bugs and Sinsang, a business-to-business fashion platform.
As cryptocurrency companies partner with retailers to develop new payment services for customers, more stores worldwide are accepting cryptocurrency payments.
According to Countelegraph, point-of-sale technology provider Global POS and EasyWallet application and payments platform Easy2Play have collaborated to support Bitcoin payments at more than 25,000 sales points for 30 French retailers.
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