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Blockchain-based payment network Terra’s mobile payments app CHAI has partnered with BC Card, South Korea’s largest payments processor, to roll out a prepaid card called ‘CHAI Card’ in the first half of 2020, CryptoNinjas reported.
Earlier in June, Terra had announced its partnership with CHAI, which is available on leading eCommerce platform TMON. Powered by Terra’s blockchain technology, CHAI provides the infrastructure of a payment gateway, offering both secure, reliable, and fraud-resistant transactions and convenient settlement with merchants in fiat.
As per the report, the CHAI Card will be initially launched in South Korea and accepted at BC Card’s 3 million online and offline merchants across the country. It will be connected with the mobile payments app.
The companies also intend to utilize blockchain technology so that the CHAI Card is accepted outside of Korea through BC Card’s global network, spanning 200 countries and 4 million affiliates.
“This will be a critical turning point for mobile app CHAI to expand beyond online transactions and into offline retail. When the CHAI Card is launched in H1 2020, users will be able to shop at BC Card’s 3 million online and offline affiliates, and enjoy up to 10% off every purchase. Moreover, CHAI’s business will rapidly grow with additional joint efforts such as integrating with BC Card’s QR Code application and utilizing Terra’s blockchain technology,” CHAI CEO Changjoon Han said.
In addition to the collaboration with BC Card, Terra co-founder Do Kwon made three more announcements at the Korea Blockchain Week, suggesting a rapid expansion of CHAI, CoinSpeaker reported.
This includes the availability of CHAI on Yanojla, the number one hospitality app in Korea with over 10 million users; launch of offline payments with CU, Korea’s largest convenience store chain, which will allow users to make payments through the CHAI app at CU’s 14,000 retail locations across the country; and partnership between Terra and Shinsegae (SSG) Duty Free to process global payments in Hong Kong via a new localized dApp called “CHAI DF.”
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