[Asia Economy Reporter Hyungsoo Park] Danal is showing strong performance. The increase in usage locations of its subsidiary Danal Fintech's virtual asset Paycoin (PCI) seems to be influencing the stock price with growing expectations.
As of 10:23 AM on the 5th, Danal is trading at 8,940 KRW, up 5.55% compared to the previous trading day.
Danal Fintech announced that it has launched Paycoin payment services at Emart24 on the same day. Paycoin can now be used like cash at over 32,000 convenience stores nationwide. The convenience store brands where Paycoin payments are accepted include CU, 7-Eleven, Ministop, and now Emart24, making four major brands in total.
A Danal Fintech official stated, "With Paycoin subscribers exceeding 1.3 million, there is a growing need to provide payment options and benefits that meet diverse consumer demands." He added, "Large Paycoin merchant stores in new business sectors are currently preparing to open."
Paycoin can also be used at UnionPay merchant stores worldwide through a partnership with UnionPay. Earlier, on the 30th of last month, Danal Fintech launched the ‘Danal-UnionPay Mobile Prepaid Card’ service via the Paycoin app. The Danal mobile prepaid card charged with Paycoin can be used at UnionPay QR merchant stores worldwide, except China. Last November, Danal partnered with UnionPay International, which has 55 million merchant stores globally, and became the first domestic PG company to obtain card issuance qualifications. The prepaid card issuance is the first business following the partnership between the two companies.
In the future, once Bitcoin support begins on the Paycoin app, it will be possible to convert Bitcoin into Paycoin and use it at UnionPay merchant stores.
The price of Paycoin has been steadily rising along with the increase in payment locations. While the price of Paycoin was around 1,500 KRW in early last month, it has surpassed the 3,600 KRW mark.
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