BC Card President Choi Wonseok Files Patent for Stablecoin Payment Technology

"First in the Industry to File Patent for Core Payment Processing Technology"

On September 18, BC Card announced that it has filed a patent for a core technology required for stablecoin payment processing, marking an industry first. As the only domestic company specializing in payment processing, BC Card aims to secure intellectual property rights related to blockchain payment infrastructure and swiftly respond to the growing trend of digital asset-based payments.

Choi Wonseok, President of BC Card. BC Card

The company has obtained a patent for a technology that determines the number of coins to be deducted from a customer's digital wallet during stablecoin payments. This was developed with the insight that even with the same stablecoin, slight price differences can occur depending on the supply and trading volume on each exchange.

The core of the technology is to collect and analyze real-time price data, enabling the company to determine the settlement amount in a rational and transparent manner for customers during transaction approval and balance deduction processes.

This technology is expected to be particularly useful in scenarios where customers make payments at overseas merchants using Korean won-based stablecoins, or at domestic merchants using foreign currency-based stablecoins.

President Choi Wonseok personally participated in the patent application. Previously, from 2022 to last year, President Choi directly filed six patents related to payment technologies linked to non-fungible tokens (NFTs).

President Choi explained that, unlike a supplier-centric approach, the technology was designed from a consumer benefit perspective to allow customers to make stablecoin payments more conveniently.

President Choi stated, "Stablecoins are a powerful technological paradigm that can revolutionize existing payment processes," adding, "As the largest payment infrastructure company in Korea, BC Card will take the lead in creating an environment where stablecoin payment services can be used easily anywhere."