Crypto.com Partners With KG Inicis to Expand Crypto Payments in South Korea
According to Crypto.com, the deal with KG Inicis will let foreign visitors use Crypto.com Pay at Korean merchants and e-commerce platforms connected to one of the country’s largest payment processors.
Crypto.com announced an official partnership with KG Inicis, South Korea’s largest payment gateway and value added network provider, to enable crypto payments for foreign travelers through Crypto.com Pay. According to the company, the service will allow visitors to spend digital assets on everyday goods and services at Korean merchants and K-commerce platforms integrated with KG Inicis. The announcement says KG Inicis processes more than 400 million transactions annually and holds about 40% of the local payment gateway market. Crypto.com added that merchants will be able to settle in either fiat or digital assets, while the two companies will also explore further collaboration subject to local regulatory compliance.
- Crypto.com Pay: A digital asset payment service from Crypto.com that lets users pay merchants using supported cryptocurrencies.
- digital asset payments: Payments made using cryptocurrencies or other blockchain-based assets instead of traditional fiat money.
- Value Added Network (VAN): A payments infrastructure service that supports transaction routing and processing between merchants, acquirers, and financial institutions.