South Korean Firms CHAI and BGF Retail Collaborate on Blockchain Payment Solution

Asia Blockchain Review
October 22, 2019
South Korean Firms CHAI and BGF Retail Collaborate on Blockchain Payment Solution

A recent player in mobile payment and a major retail firm in South Korea have teamed up with the aim of innovating payment using blockchain technology.

According to Crowdfund Insider, mobile payment service CHAI has partnered with BGF Retail to introduce an offline payment method that allows consumers to make payments by scanning and completing transactions with CHAI at any CU store.

BGF Retail to Build Off CHAI Blockchain 

The partnership was announced in a press release by the two companies detailing how CHAI will aid BGF Retail in developing new technological solutions. The release explained that “CHAI provides a seamless payment experience—where users only need to link their bank account to pay—while Terra provides the backend blockchain technology and stablecoin economy”. 

“By utilizing Terra’s blockchain technology and seigniorage resulting from growth in Terra’s stablecoin economy, CHAI is able to offer low transaction fees to merchants and ongoing 5-10% discounts to shoppers,” the release stated. “These benefits will also be available for shoppers using CHAI at CU stores”.

Benefit Customers Across South Korea 

CHAI began operation in June of this year. Powered by Terra, the firm’s flagship product facilitates bank account holders in making payments through a blockchain-based application.  The company has already attracted 450,000 users and is affiliated with seven leading E-Commerce platforms.

BGF Retail manages CU, South Korea’s most widespread chain of convenience stores with some 13,500 locations nationwide. The intent of the technology being sought by BGF Retail is for customers to be able to purchase goods and services through a system provided by CHAI and based in its technology.

Source: www.crowdfundinsider.com


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