Toss has partnered with Gwangju Bank to complete the verification of offline payment technology using stablecoins. They plan to conduct further verification for actual merchant applications in the future.
Viva Republica, the operator of Toss, announced on October 8 that it has completed a proof of concept (PoC) for QR payment technology based on stablecoins in collaboration with Gwangju Bank.
The verification aimed to confirm whether Gwangju Bank customers could make payments using stablecoins through the Toss application at offline stores.
The two companies integrated the Gwangju Bank mobile app, the Toss app, and Toss Place payment terminals to implement the payment process. When a Gwangju Bank customer selects stablecoin payment in the bank app, the Toss app launches automatically, opening a QR scanner. After scanning the QR code displayed on the store terminal, the payment is completed, and the result is shown in the Gwangju Bank app.
Settlements are processed simultaneously with the payment. The amount paid is delivered directly to the merchant without going through an intermediary, and the payment and settlement are confirmed at the time the transfer is completed.
This verification was conducted using a virtual merchant, and no actual customer information or assets were utilized.
Toss and Gwangju Bank plan to proceed with a second phase of technology verification based on these results. They aim to streamline the payment process further and expand the verification scope to include actual merchants.
A Toss representative stated, "This verification confirmed that payments initiated in the bank app can seamlessly continue to offline stores. We will continue to conduct technology verifications in the payment infrastructure sector while complying with regulations."
* This article has been translated by AI.
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