Korea Payment Networks (KPN), a subsidiary of Korea Credit Data (KCD), has completed registration to issue and manage prepaid electronic payment instruments and is moving to expand its prepaid payment business. It has also completed a technical proof of concept for payments using the stablecoin USDC, preparing for related institutional changes.

Korea Payment Networks said on Aug. 18 it completed registration with the Financial Supervisory Service in late July as a prepaid electronic payment instrument issuer and manager.

The company said it is currently discussing prepaid service integration with large franchises, retailers and public institutions.

Based on the registration, Korea Payment Networks plans to provide brand-specific prepaid and top-up point systems, as well as services linked to vouchers and local currencies run by local governments and public institutions.

It is also developing stablecoin payment technology. Korea Payment Networks said it has connected a digital asset wallet to build a system that allows USDC payments through its payment gateway checkout, and has completed a proof of concept.

Once related制度 are put in place, it plans to offer stablecoin payment functions to merchants.

Seo-jin Shin (신서진), CEO of Korea Payment Networks, said it will sequentially pursue partnerships with large franchises, retailers and public institutions it is in talks with to expand prepaid services into a main business. He said it will build a safe environment for prepaid and stablecoin payments.