Introduction to Danal and Danal Fintech
Danal is a PG (Payment Gateway) based in South Korea. It is a public company with more than 20 years of history. As a payment gateway, Danal provides range of payment solutions to its partners, from credit/debit cards to mobile billings and more. In mobile billings specifically, Danal holds approximately 50% of the market share within Korea, equivalent to 5.5 Billion USD annually. Danal Fintech is the subsidiary of Danal, which is in charge of the blockchain based payment sector. In April 2019, Danal Fintech launched the Paycoin service, becoming one of the first companies that utilize virtual assets in retail payments.
About the project – Paycoin
Paycoin is a blockchain project that aims to create a virtual asset based payment platform for both online and offline merchants. By combining blockchain technology and Danal’s 20 years of experience in the payment market, Paycoin was able to efficiently reduce the intermediaries in the existing payment process, enabling lower transaction fees, faster settlement cycles, and a safe and convenient payment environment. Paycoin is the first virtual asset that is being commercialized as payment in South Korea, and we aim to lead in this type of new payment market.
What we have accomplished so far?
Paycoin first came into service in April 2019. By October 2020, we have secured more than 750,000 registered users, 60,000 merchants, and over 5 million USD in payment accumulated. By providing APIs and SDKs required for Paycoin payment in merchants’ POS (Point of Sale) system, Paycoin was able to secure some of the major franchises, including Domino’s Pizza, KFC, 7-Eleven, CU (Korea’s largest Convenient Store), Kyobo Bookstore (Korea’s No. 1 bookstore), Dal.komm coffee, SSG PAY (includes international brands such as Starbucks, Shinsegae Department Store, Duty Free, etc.), and more. Users can pay with the Paycoin app in all of our merchants.
Search “Paycoin” in Google Play Store or App Store!
1. Proposal introduction (What)
ICON has always been one of the most promising projects in South Korea, and in order to build a solid, healthy ecosystem, we understand that contribution from different parties is necessary, especially for massive ecosystem like ICON.
Our goal is to help building the ICON network by integrating our payment system. As mentioned above, integrating ICON would mean expanding its audience and enabling users to utilize ICON they hold in all of the merchants within Paycoin’s ecosystem.
2. Motivation of the proposal (Why)
ICON is one of the most mature blockchain out in the market. It has a solid background with reliable technology, and as a project with 750K users, it is important that we select a reliable project that can help us progress
Another reason is that we believe that participating as ICON P-Rep can represent our commitment into the network, and would further benefit the network. Since ICON is a decentralized project, we think that this participation can strengthen the ecosystem.
3. Execution plan of the proposal (How)
While running the ICON P-Rep, we will begin the integration of ICON into the Paycoin App. At its completion, ICON users will be able to deposit their ICON into the Paycoin app, swap with Paycoin seamlessly, then use it as payment in any of the Paycoin merchants.
4. Expected timeline of the proposal (When)
- 2020 4Q – Development of the application
- 2021 1H – Launch ICX swap/payment.