[2018-04-10] Korean Crypto Exchange Launching Social Media P2P Payment System

[limek]

South Korean cryptocurrency exchange Bithumb is launching a P2P payment platform for social media including social networking sites and blogs. The exchange is also preparing to sell 12,500 kinds of mobile vouchers from 600 brands.

Social Media Crypto Payment System

The second largest crypto exchange in South Korea, Bithumb, recently announced that it is launching a “social media optimization payment platform.” Tentatively called SNS Pay, this P2P platform supports payments on social media including social networking sites (SNS) and blogs, the exchange detailed, adding that:

        "SNS Pay is a service that integrates support for sharing, billing, and marketing products registered on social media. In particular, [we are] implementing a system to allow payments with the same UI/UX and social media."

Bithumb explained that customers can use its new platform to buy goods that are popular on social media without having to search for an online store that sells the products. “By utilizing SNS Pay [for] shopping on social media, the conversion rate leading to the actual purchase is expected to be significantly improved,” a Bithumb official said, adding that “SNS Pay increases the payment convenience to lower transaction costs.”

Read more: https://news.bitcoin.com/korean-crypto-exchange-launching-social-media-p2p-payment-system

[entrepmind23]

Well this would push the people to use the cryptocurrencies for their actual usage which is a payment option rather than for speculation purposes. With the usage of it in social media wherein most people have accounts then this would reach more people and to spread awareness as well that cryptocurrencies are not just used in illegal activities but can be used for daily transaction as well in a legal way. With S.Korea being a country that is in advanced technology then it would be easier for them to implement it and maybe other social media sites would consider cryptocurrencies in the future especially the giant ones.