Payment with 'Hyungji Pay' to Be Introduced at All Stores
Hyungji Global announced on July 1 that it will begin developing an integrated payment platform tentatively named 'Hyungji Pay'. In addition, the company plans to introduce a stablecoin called 'Hyungji Coin'.
With the development of Hyungji Pay, Hyungji Global aims to unify the group's nationwide distribution network of over 2,000 Hyungji stores and its 6 million customers. The company intends to utilize this as a group-wide integrated payment platform.
Hyungji Global also plans to link the platform with the stablecoin 'Hyungji Coin' in the future. A stablecoin is a type of cryptocurrency whose value is pegged to a fiat currency such as the US dollar.
To achieve this, the company is actively engaging in discussions with the financial sector. Hyungji Pay will be developed and implemented so that it can be used at more than 20 Hyungji brand stores, and the company plans to quickly establish this as an optimal usage channel for stablecoins led by the financial industry.
Hyungji Global has filed a total of six trademark applications with the Korean Intellectual Property Office for the issuance of 'Hyungji Coin'. The company is also focusing on recruiting IT specialists from both domestic and international firms.
Hyungji Global expects that using Hyungji Pay to encourage the use of reward balances will enhance brand loyalty. In addition, the company anticipates improved profitability by reducing payment processing fees that were previously unavoidable with traditional card payments. Furthermore, the company plans to actively utilize coin-based purchase history data for marketing purposes.
A Hyungji Global representative stated, "By introducing stablecoins, we expect to enhance customer satisfaction through the convenience of simple payments, as well as reduce card processing fees and secure advanced big data at the corporate level. We plan to lead the retail industry in applying and utilizing stablecoins by collaborating with the financial sector and many other partners in the future."
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