Bithumb, a South Korean digital currency exchange has announced that it is launching P2P payment platform to be used by social media platforms including blogs and social networking sites. The exchange has also announced that it intends to sell 12,500 kinds of mobile vouchers from 600 brands.
Social Media Crypto Payment System
The crypto exchange, which is the second largest in South Korea, says it is unveiling a “social media optimization payment platform.” Alternatively called the SNS Pay, the P2P platform will support payments made on social media including blogs and social networking sites (SNS).
In a statement, the exchange explained that SNS Pay will help integrate support for billing, sharing as well as marketing of products that are registered on social media. In particular, the exchange said it intends to implement a system that will facilitate payments with the same social media and UI/UX.
Bithumb says that the platform will allow customers to buy and pay for goods that are common on social media without the need to look for an online store which sells that product. An official at Bithumb said that by using SNS Pay to do shopping on social media, the conversion rate which lead to the actual buying will be improved. He added that the SNS Pay will help lower transaction costs and increase convenience.
South Korea is one of the countries that have the highest number of active social media users. Based on the latest United Nations’ estimate, the country’s population stood at 51,118,262 as of March 31. Accordant to information from Statista, 84% of the country’s population is actively using social media. Around 43 million people are using Kakao Talk as of the second quarter of second quarter of last year.
Partnership with Wincube Marketing
Bithumb, last week announced that it has entered into a strategic partnership with Wincube Marketing, a South Korean e-commerce site, which offer coupon services. Under the new partnership, the exchange intends to sell a total of 12,500 kinds of mobile vouchers from 600 brands as gift certificates. The exchange noted that customers can use cryptocurrencies, which are held at the exchange to buy gifts and gift certificates.