Shinhan Card to Test Token Payments on Dunamu's GIWA Chain

Payments using tokens issued on GIWA Chain
On-chain authentication applied... security also put to the test

Shinhan Card said on October 27 that it will begin testing direct payments between blockchain-based wallets with Dunamu, a digital asset company. Shinhan Card is the first card issuer to conduct a payment trial using a wallet based on Dunamu's GIWA Chain.

The test will use Dunamu's public blockchain, GIWA Chain, and its dedicated wallet, GIWA Wallet, at a merchant on the first basement level of Shinhan Card's headquarters in Euljiro, Jung-gu, Seoul, with employees as participants. Payments will use tokens issued by Shinhan Card on GIWA Chain. Dunamu will provide the blockchain infrastructure, while Shinhan Card will directly issue and operate the tokens.

The test goes beyond a simple technology demonstration, focusing on verifying the feasibility of applying blockchain technology in real-world in-person payment environments. Participating employees will receive Shinhan Card tokens through the GIWA Wallet app, then scan a QR code displayed at the store to pay. The system is designed to complete payments with a QR scan alone, without requiring users to enter a wallet address or go through a transfer process, improving ease of use.

The trial will also assess security requirements. Dunamu's "Dojang" technology will be used to authenticate employees on-chain, and payments will be restricted to pre-registered wallets to block unauthorized transactions at the source. Through the trial, the companies plan to verify that blockchain technology can meet the security and regulatory compliance requirements for financial services.

GIWA Chain is a public blockchain built by Dunamu, which operates Upbit, South Korea's largest virtual asset exchange. Shinhan Card previously completed proofs of concept (PoCs) for six key stablecoin and blockchain technology initiatives and has continued collaborations with the Solana Foundation and Japan's SBI Group, among others. It is expanding the foundations for Web3.0 payment technology through trials with domestic and international partners.

A Shinhan Card official said, "Through this trial, we will set a new standard for blockchain-based financial services and lay the groundwork for immediate commercialization once the legal framework is in place." The official added, "We will gradually expand the number of participating merchants and pursue integration with global blockchain networks."

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