EMURGO - the official commercial arm of Cardano - announces their next advisory client, ARA Pay - a leading Korea-based blockchain & fintech company bridging traditional fiat payments and digital assets.
Read about our other most recent advisory spotlight: YOOSourcing , COINCOME , HEROBIT
ARA Pay will leverage its already well-established & proven fintech platform with micro & macro fiat transactions to make payments even more transparent & secure using blockchain-based solutions.
The latest statistics point out that the global digital payments market was valued at $3.4 trillion in 2018, with forecasts upwards of $7.6 trillion by 2024. [1] [2] With blockchain-based solutions and digital assets seeking an efficient utility gateway, the payment industry can logically be seen as the most feasible entry point for the adoption of digital assets into the real-world economy.
In the South Korean market alone, fiat-based digital payments are already commonplace with a rising year-on-year percentage and an average daily transaction volume of $400 million USD in Q2 2018 according to South Korean Central Bank data. [3]
As most markets are still overwhelmingly centered around traditional & digital fiat-based payments, a bridge is required to merge these payments with digital asset payments utilizing blockchain-based solutions.
ARA Pay At A Glance
ARA Pay is the mobile payments business division under ARA Corporation - a major technology company that has successfully provided technological solutions for some of South Korea’s largest regional and local governments such as database and systems integrations, and various IT infrastructure projects.
Via ARA Pay, ARA Corporation is intending to enter the mobile digital payments industry utilizing blockchain-based solutions.
Leveraging its technological solutions and the infrastructure built by its previous business partners and local Korean governments, ARA Pay is already accepted at point-of-sale (POS) devices at major merchants in South Korea including most public transportation lines (bus, subway, high-speed rail, taxi), highways, and convenience/retail stores.
Currently, ARA Pay is working towards obtaining EMV (Europay, Mastercard, Visa) authentication which will enable ARA Pay to expand its user & merchant base to anywhere accepting credit cards.
ARA Pay offers a physical prepaid card that can be easily recharged using the ARA Pay app. It has no limit, can be used immediately at physical outlets and leverages NFC & QR technology to make the user experience more convenient.
What Solutions Will ARA Pay Offer?
