P2P Social Media Payment System Launched By Korean Crypto Exchange

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Bithumb, a South Korea based cryptocurrency Exchange Company is soon to launch a payment platform based on P2P for the social networking websites as well as blogs. It has also been preparing for selling of 12,500 different kinds of vouchers for mobile from more than 600 brands.

Termed as the 2nd largest exchange based crypto company in South Korea, the company is all set to provide a platform named SNS Pay which caters to any exchange that takes place over the social networking platform.

Illustration provided by Bithumb.

Bithumb also explained to its customers that the use of SNS allows the purchase of goods on the social media without having to look for the online store which provides the products. One can easily scroll through products while connecting with their close ones. According to the Bithumb official statement, the utilization of social media shopping helps in the conversion of potential leads to actual purchasers given the fact that large factions of users have an online presence over social media. The statement further included that:

SNS brings down the transaction cost given the fact that there is an increased convenience in the payment system.

South Korea ranks amidst the countries that flaunt a high population of active users on the social media. The current population of users present over the social media is about 51,118,262 as estimated in March. By the end of second quarter in the previous year, the user base for Kakao Talk scaled high at 43 million marks.

Previously, Bithumb had announced that it had established a strategic form of partnership with the brand Wincube Marketing which is an e-commerce website based in Korea that offers coupon based services. The terms of the exchange include the fact that the partnership shall include selling of 12,500 different mobile vouchers from an array of 600 brands by Buthumb via gift certificates. Customers can also use cryptocurrencies for the exchange or purchase of gift certificates as well as gifts. Bithumb currently houses about 15 different cryptocurrencies such as ripple, bitcoin, Eos, ether, icon, Tron, qtum, ethereum classic, vechain, litecoin, bitcoin cash, monero, bitcoin gold, zcash and dash.

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