More Economical and Convenient than Credit Card System
The daily use of cryptocurrencies is accelerating. More and more stores are adopting cryptocurrency-based payment, as this method is more economical than credit card-based payment and more convenient for users.
At present, PCI and MLK support both online and offline payment in South Korea. PCI was developed by Danal, which developed the world’s first commercial service for mobile phone-based payment. The number of PCI users is more than 2.5 million and PCI-based payment is available at more than 100,000 stores.
MLK is a blockchain platform for providing connected services in the tourism and leisure sector. MLK partners include Yanolja, Jin Air, Shinsegae Duty Free, Travala.com, Megabox, Interpark and CU.
On the MLK platform, the cryptocurrency can be converted into a partner point anytime. In addition, the point can be converted into the cryptocurrency for the purpose of payment.
As mentioned above, fees for cryptocurrency-based payment are currently lower than those for credit card-based payment. Specifically, the former are less than 1 percent in most cases whereas the latter are 1.5 percent to 2 percent.