Alternative finance platform Terra has announced that its payment DApp CHAI is set to enter a partnership with major South Korean payment processor BC Card to launch a debit card.
Terra is on the brink of gaining a large number of users thanks to its partnership with BC Card. As the platform relies on an algorithmic stablecoin, it can offer secure and fast transactions for merchants at much lower transaction costs of 0.5%, compared to 2-3% normally charged by other payment processors. The company has already partnered with other big companies, which are driving the mass adoption of blockchain technology through its payment process.
Meanwhile, CHAI has established partnerships with 15 local banks in South Korea and has reportedly grown larger than Kakao Pay, another prominent player in the digital payments landscape that is affiliated with the Klaytn blockchain platform through parent company Kakao.
The new agreement between CHAI and BC Card will see the launch of a new debit card in 2020. According to Terra, the new card will be accepted at over 3 million affiliates of BC Card, and is expected to expand globally.
Apart from the CHAI-BC Card partnership, Terra revealed that CHAI has also entered into an agreement with South Korea’s biggest convenience store chain CU to process offline payments.
Meanwhile, South Korea’s leading hospitality app Yanolja will start accepting payments through CHAI, further expanding the DApp’s user base.
Another major announcement has been Terra’s partnership with Shinsegae (SSG) Duty-Free, which will launch a new local app called “CHAI DF” to enable payments on new channels.
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