BEATOZ, KOVAN, and RINGNET Verify Stablecoin Payments on Existing POS Terminals... Paving the Way for Integrated Online and Offline Payments

- Intelligent routing enables automatic backend chain switching and coin swaps, integrating online and offline into a unified system
- No need to replace merchant terminals or build dedicated environments

Blockchain specialist company BEATOZ announced on June 26 that, together with KOVAN and RINGNET, it has completed a proof-of-concept (PoC) for integrating its digital asset payment solution, CPG (Crypto Payment Gateway), with KOVAN's offline POS terminals.

Payment services utilizing stablecoins have recently gained attention both domestically and internationally as next-generation payment infrastructure. In particular, technology that enables blockchain-based payments while utilizing existing card payment terminals and merchant infrastructure as they are has emerged as a key challenge. Accordingly, financial institutions and fintech firms are expanding technology verification efforts to enable digital asset payments without replacing existing equipment. There is also growing interest in building payment environments that span both online and offline channels, as well as in the potential for expansion into the overseas remittance and cross-border payments markets.

This verification focused on confirming whether stablecoin payments are possible in the existing POS terminal environment. CPG, jointly developed by BEATOZ and RINGNET, applies an intelligent routing method that automatically handles payment route configuration, chain switching, and coin swaps on the backend. The company explained that users can approve payments as usual, and merchants can continue to use their existing payment environment without changing terminals.

The demonstration was conducted at actual operating merchant locations. When a payment is requested through KOVAN's POS terminal, the user approves it with the BEATOZ wallet, and CPG records the transaction details on the existing financial network while simultaneously processing the transaction on the blockchain network. The company confirmed that this process operated stably.

BEATOZ stated that this PoC confirmed the feasibility of applying stablecoin payments in general merchant environments. Going forward, the company plans to review the possibility of applying the solution at approximately 100,000 regular merchants using KOVAN's POS and payment terminals.

Previously, BEATOZ and RINGNET had conducted a cross-border payment demonstration for travel products with Jeonbuk Bank and Modetour, and on the e-commerce platform "Poppop," had verified stablecoin payments with entities such as Hana Financial TI. This PoC is an example of expanding the scope of online-focused demonstrations to offline stores.

The three companies also plan to pursue a cross-border payment demonstration targeting the Thai market, based on this domestic offline payment verification.

KOVAN is the first domestic VAN company to establish a local subsidiary in Thailand, where it operates payment terminals and payment services. The three companies intend to review the applicability of digital asset payment services using CPG with existing payment terminals and merchant infrastructure in overseas markets such as Thailand in the future.

Yang Wonki, CEO of KOVAN, said, "The significance of this PoC lies in the ability to leverage our merchant network built over the past 30 years to adopt a new payment method. We have verified stablecoin payments in the field using a method that places little burden on both merchants and consumers, and we will also explore the potential for expansion into overseas markets such as Thailand."

Lee Jeongmin, CEO of RINGNET, emphasized, "We will continue to contribute to the creation of a digital financial ecosystem closely connected to daily life, based on stable IT infrastructure integration technologies, and will expand IT infrastructure supply beyond our existing network infrastructure business into various industries such as high value-added fintech and Web 3.0."

Lee Sangkuk, CEO of BEATOZ Korea, said, "This PoC is an example of confirming that CPG operates with the same infrastructure not only for online payments but also at offline merchants closely tied to real-life transactions. Having verified its potential as a digital asset payment infrastructure spanning both online and offline, we will continue to expand into the global payment ecosystem."

This content was produced with the assistance of AI translation services.