CHAI, South Korean Mobile Payments App and BGF Retail are developing a blockchain platform for offline payments.
BGF retail manages CU which has over 13,500 stores and is the largest convenience store in all of Korea. CHAI is a Mobile Payments App that is powered by Terra and allows bank account holders to pay using a blockchain-backed platform.
Both CHAI and BGF Retail are together working on developing a blockchain-based platform that will help conduct offline payments.
As per the Press Release shared with CrowdFund insider, the consumers in Korea will be able to pay at any CU store with CHAI by scanning and completing a transaction.
The release said,
“CHAI provides a seamless payment experience—where users only need to link their bank account to pay—while Terra provides the backend blockchain technology and stablecoin economy. By utilizing Terra’s blockchain technology and seigniorage resulting from growth in Terra’s stablecoin economy, CHAI is able to offer low transaction fees to merchants and ongoing 5-10% discounts to shoppers. These benefits will also be available for shoppers using CHAI at CU stores.”
Reportedly, Terra is facilitating the integration of CHAI with its eCommerce alliances. These include Asian Leaders like Baemin, a Korean Food Delivery firm; TMON, a Korean eCommerce platform, a Singapore based C2C platform called Carousell and a Vietnamese eCommerce Platform Tiki.
Currently, CHAI has a user base of over 450,000. And the platform is currently integrated with seven major eCommerce service providers.
Additionally, Terra is partnering with several organizations and companies to spread its payment network to reach everywhere in Korea.
Recently, Terra had announced its partnership with BC Card, the largest payment processor in Korea. CHAI and BC Card will launch a prepaid debit card at the start of 2020. The card will enable users to use CHAI for any online and offline retail outlets.
Terra plans to expand its alliance further by partnering with Korea’s largest C2C platform Bunjang and the most popular music-streaming giant. Bugs.