Merchant Adoption is Now a Reality for South Korean Crypto Payment Startup HUPAYX

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by Kseniia Klichova · 3 min read
Merchant Adoption is Now a Reality for South Korean Crypto Payment Startup HUPAYX

As a result of its partnership with both LG U+ and KIS Information Communications, HUPAYX will be able to offer payment solutions to over 400,000 stores in South Korea.

Merchant adoption of cryptocurrency has always been believed to be the peak of retail adoption of crypto, and while this is true, access to the niche comes with constraints. For most startups, it’s the difficulty to connect to a larger user base or a network that is readily available to accept the emerging technology through a trusted system. A new payment solution platform, HUPAYX will soon boast of a service outreach to over 400,000 stores in South Korea and even more as a result of its recent partnership deal with both LG U+ and KIS Information Communications.

A Simplified Payment Platform

HUPAYX is a south Korean based payment solutions platform specialized in real-time crypto payment intends to transform the industry norm by introducing a seamless means of transacting with cryptocurrency in everyday life. Specifically targeting online shoppers, the HUPAYX app and point of sale terminal will seam the gap between merchants and shoppers, while eliminating all forms of barrier required for a smooth payment system as observed in the traditional payment system.

The app makes it easy to transact with business outlets, and the opportunity to integrate the service via an app with the HUPAY Wallet will also make it easy for merchants to seamlessly migrate from the conventional fiat system to a crypto-only payment system. The HUPAYX app is currently available for Android users with the iOS version scheduled to be released in November this year.

Strategic Partnerships

The present developments were made possible in a recent partnership with KIS Information Communications, the second-largest VAN and merchant terminal company in South Korea with a 2 million user base on its payment service app. This partnership is significant as the HUPAYX team will now have direct access to a host of non-crypto native users and leverage this scale up their adoption potential.

The creators of the HUPAYX platform, the Human Plus Team, are confident about their choice of partnerships, considering how they are geared towards the growth and expansion of the project while extending the reach of their influence through strategic partnerships. The team explained:

“We believe that some of the key partnerships we did, reflects not only on HUPAYX potential but also in trust and technological advantage we possess over our competitors.”

And now, through this confidence and the potential the partnerships accord, they are ambitious and intend to spread their influence to over 1 million stores by the end of 2019.

This is not the first of such strategic partnership purposefully knitted by the team. HUPAYX has a partnership structure with LG Uplus Corp, a South Korean cellular carrier owned by LG Electronics in order to leverage the consumer base of over 15 million users to offer a point of sale (POS) system to the network. LG Uplus also has global partners that span across regions like Japan, Taiwan, and the United States – comprising of Taiwan-based Far EasTone Telecommunications and Japan-based SoftBank for the new service. HUPAYX plans to use its partnerships and their networks to launch various local governments’ backed blockchain-based digital currency businesses, beginning with the local market transformation in South Korea itself.

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Kseniia Klichova

Kseniia is the Chief Content Officer of Coinspeaker, holding this position since 2018. Now she is very passionate about cryptocurrencies and everything connected with it, so she tries to ensure that all the content presented on Coinspeaker reaches the reader in an understandable and attractive way. Kseniia is always open to suggestions and comments, so feel free to contact her for any questions regarding her duties.

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