Shinan Card, one of South Korea’s leading credit card firms has just been given the patent for a blockchain payment processing system, which is set to re-vamp how payments occur within the country.
According to the announcement, the new patent will give Shinhan Card the opportunity to provide credit via the blockchain on things like spending limits, monthly installments and making transactions on the regular.
A representative of Shinhan Card has mentioned that extending the platform on the blockchain will be a clear advantage as most blockchain-based services available now, rely on cash wiring in order to identify their customers for KYC purposes.
The next steps for the company are to receive a patent from countries like the United States, China, Japan, Vietnam and etc, as it plans to target the global markets rather than the limited population of South Korea.
Should all plans align for Shinhan Card they could potentially introduce a Phase-out within three intermediaries. The parties involved would be value-added network service providers, credit card firms and the payment gates themselves.
It’s not clear whether or not other jurisdictions will support this new framework, but that much remains to be seen. There was no mention of cryptocurrencies however, as it seems that Shinhan Card will rely mostly on digital currencies rather than cryptos in their new project.