Bithumb, a South Korean based Crypto exchange, has made an official announcement on its website about its partnership with the online retail store, Qoo10. The two companies are launching a password payment service that will enable buyers on the retail store to make payments using cryptocurrency.
World Giants Launch a Payment Service
Qoo10 and Bithumb are giants in their industry who have worked together to create a password-based payment service. This can be attributed to the fact that Qoo10 is the largest South Korean e-commerce website. The company has a market share of about 32.6% according to a statistical report, and this share is higher than Amazon’s (11.5%) and Apple’s (11.0%) market share in South Korea.
On the other hand, reports show that Bithumb accounts for the South Korean Bitcoin market volume at about 75.7%. This Virtual currency exchange is, therefore the most popular crypto exchange in South Korean. It is also worthy to note that Coinmarketcap’s data shows that the crypto market with the highest trading volume today, is Bithumb.
Bithumb’s Cache System and Qoo10’s Settlement Service Merged
The Bithumb’s Cache system known as Bitsum and Qoo10’s settlement service were paired to create this service. Bitsum is capable of processing online, and offline payments, SMS remittance, and also make payments via QR code. That being so, the new payment service will allow buyers on Qoo10 to make transactions on Bitsum using cryptocurrency; only after validating with their password.
Bithumb stated in a press release that;
The partnership with Qoo10 has made it possible for us to utilize the Bithumb cache beyond our home country and abroad for real life. We will continue to improve our services to improve customer convenience.
Aimed at Encouraging The Use of Cryptocurrency
The Payment service aims to encourage the use of cryptocurrency around the world. This is because Bithumb had made it known that soon, it will become a global payment system. In line with that, the Asian market can now trade in an online retail shop using cryptocurrency as a method of payment.
With this development, it can be said that more companies are promoting cryptocurrency and its widespread use. In March this year, an Australian virtual currency exchange, Bitcoin.com.au launched a system that will enable people to trade fiat for Bitcoins and Ethereum at Newstands. Currently, there are 1200 newsstands in the country where people can transact and get their digital assets within 20 minutes.