Bithumb, the popular South Korean crypto exchange, has recently tied up with online eCommerce site Qoo10. They made an official announcement on their website regarding this new collaboration. These two companies are now coming together to launch a password payment service that will help buyers make purchases on the retail store to pay via cryptocurrency.
Qoo10, is one of the largest South Korean e-commerce websites and has a market share of about 32.6%, which is higher than Amazon’s (11.5%) and Apple’s (11.0%) market share in South Korea. They plans to launch this new password-based payment service in collaboration with Bithumb, which is a giant in its own right.
Bithumb has merged its cache system known as Bitsum with Qoo10’s settlement service, to create this new service. Bitsum can process online and offline payments, SMS remittance, and also make payments via QR code which is an incredible assett for the new service that it plans to create. The new service will allow buyers to make purchases on Qoo10 with the help of Bitsum using cryptocurrency.
Bithumb is one of the biggest virtual exchanges in South Korea in terms of highest trading volume today. It accounts for almost 75.7% of the volume in the South Korean Bitcoin Market.
This new payment service would allow the use of cryptocurrency around the world with the help of Qoo10.
Bithumb has stated in a press release,
The partnership with Qoo10 has made it possible for us to utilize the Bithumb cache beyond our home country and abroad for real life. We will continue to improve our services to improve customer convenience.
This is a positive development for cryptocurrencies which is getting a more widespread exposure due to such endeavours by prominent companies to integrate it into the mainstream payment service.