[Click eStock] "NHN KCP to Benefit from Introduction of Korean Won Stablecoin"

On November 24, Research Arum expressed expectations that NHN KCP would benefit from the introduction of a Korean won stablecoin.

Choi Seonghwan, a researcher at Research Arum, explained, "Key competencies such as merchant management, settlement engines, and risk monitoring, which are essential for building a Korean won stablecoin payment network, are already established by payment gateway (PG) companies."

He added, "PG companies can also respond more quickly than card companies to new service areas such as overseas settlement and currency exchange APIs, integration with global merchants, and platform subscription payments."

He emphasized, "NHN KCP holds the number one market share in both the PG and online value-added network (VAN) sectors in Korea. With its integrated online and offline infrastructure and a 20% share of overseas payments, it could become the biggest beneficiary."

Researcher Choi analyzed, "The emergence of new payment technologies tends to expand overall payment demand rather than simply replacing existing payment methods. Even when simple payment services such as Naver Pay and Kakao Pay rapidly spread in the past, payments made through cards and PGs reached record highs." He predicted, "If the Korean won stablecoin becomes institutionalized, it will generate additional transactions in areas where the existing card network has not been able to fully respond, such as online, overseas, subscription-based services, and platform-based transactions."

It is estimated that NHN KCP will achieve sales of 1.2 trillion won and operating profit of 55.6 billion won this year, marking increases of 11.1% and 26.9%, respectively, compared to the previous year.