🇺🇲Blockchain-based Payment Solution(EN)

KONPAY is a fast and inexpensive end-to-end payment platform that improves the inefficiency of the existing payment system through blockchain-based smart contracts and its own coin economy ecosystem.

In order to improve the inefficiency of the existing payment structure and build a platform to secure users, the following should be considered.

First, it should be possible to implement a platform with good payment processing speed and good accessibility. Although it is a low payment fee, it is inconvenient for users to use, and if there is inconvenience due to the long waiting time for each payment, the merchant has no choice but to consider introducing a new system.

Second, in order for retail stores and affiliates to accept digital assets as a payment method, it is necessary to fully consider the volatility problem of digital assets. Existing digital asset-based payment solutions have undergone a lot of trial and error, so it is necessary to present a model that can be used as a payment method by merchants and consumers and can flexibly cope with volatility.

Third, operators of various industries, including platform users, should be able to provide scalability that can freely apply promotions and policies according to the characteristics of each industry, and convenience optimized for both on/offline payments in real life. Accordingly, KONPAY intends to present a platform model that can flexibly cope with volatility through its own coin economy ecosystem and is convenient for on/offline payments.

■ Blockchain-based Integrated Management System

.KONPAY intends to provide merchants with a service that allows for faster settlement than the settlement period of the existing payment structure. While the settlement cycle of the existing payment service usually takes more than two days, KONPAY can achieve a settlement speed more than three times faster by using a smart contract. By applying blockchain technology, the roles of many existing intermediaries can be handled with one platform, so not only the settlement cycle, but also the costs incurred in the settlement and payment steps can be minimized. It becomes possible to use a payment service.

In addition, KONPAY provides a smart contract-based integrated management system so that franchisees can frequently inquire about their transactions, as well as an integrated management system necessary for franchisees to operate their business, such as sales, revenue, expected refund amount, and credit processing amount. will provide Through such an integrated management system, affiliates can efficiently manage various data such as customer transaction volume, payment frequency, and payment pattern without additional cost.

Another feature of KONPAY's blockchain-based platform is that it provides solutions utilizing ERP (integrated information management system) and SCM (integrated supply chain management system) owned by Dosoft, a collaborator. Through this, the provision of coupons, issuance of gift certificates, and installment services, which were previously difficult for franchisees to independently proceed, can be easily planned using the smart contract tool. Through this, franchisees get an environment where they can conduct promotions at the desired time and within the desired budget.

■ On/Offline Integrated Payment Platform

In order to provide an integrated payment platform that can be used efficiently in real life, a deep understanding of users, operators, and characteristics of each transaction item must be first. In particular, the recent rapid development of non-face-to-face culture means that the size of online payments is increasing significantly. In this case, the merchant can provide the service that the user can be satisfied with only when the paid funds are quickly recovered, and the user can use the service without any burden when the refund and cancellation of payment are guaranteed. KONPAY will enhance the platform's reliability by providing the know-how of payment providers' money management and credit management for merchants and users, and will support users to respond more flexibly to refunds and cancellations.

KSNET+, the main partner of KONPAY, has been continuously providing online and offline integrated payment services since 2012, and provides various integrated payment services such as domestic and overseas mobile simple payment, credit card payment, and cash payment.

KONPAY will provide a next-generation integrated payment platform that can be used immediately in the field by combining the rich integrated payment service experience of the main partner, KSNET+, and blockchain technology.

In addition, KONPAY will provide operators with all necessary payment solutions for online and offline payment environments, such as its own integrated payment solution and terminal, so that even small business owners can use payment solutions without financial burden.

■ Support for KON PAY system and multiple digital assets

When establishing an on/offline payment platform based on digital assets, it is possible to reduce commission costs by simplifying the payment processing process with intermediaries for trusting payment data. However, in order for a payment platform using digital assets to be applied to real life, solutions to the following problems are needed above all else.

1. High price volatility of digital assets

2. Lack of an incentive system that all ordinary people can easily participate in

3. The complex and difficult user experience and high difficulty learning curve of digital assets

Many alternatives have been proposed so far tosolve the high volatility of cryptocurrencies, but among them, stablecoins are presented as a good alternative that can be applied to real life. However, in the case of Tether (6), stablecoins also carry the risk of lack of centralization and transparency, such as controversy over bank account audits. In addition, if the purchase transaction exceeds the total size of the stable asset serving as collateral, it is vulnerable to price volatility like other digital assets. Nevertheless, the advantage of asset-based cryptocurrencies such as stablecoins is that the price of the cryptocurrency is stabilized by an underlying asset that is separated from the cryptocurrency market, i.e., pegged fiat currency. In this case, since it can be converted into the value of fiat currency regardless of the fluctuation in the value of the cryptocurrency, it has the advantage of being free from the risk of a decrease in value as a result.

Therefore, if we implement digital assets that have the inherent value of a utility coin along with the advantages of these stablecoins, and that emphasize the original goal of replacing the existing payment system, it seems that some of the high price volatility problems can be solved.

As an alternative to respond to the price volatility of digital assets as flexibly as possible, KONPAY is an immediate settlement method using its own utility coin, KONPAY. Not only that, but it will be used as a secure payment method that is not affected by price volatility.

In addition, it allows users to pay with various currencies such as high-recognized digital assets such as Bitcoin (BTC) and Ethereum (ETH) and stable coins with relatively low volatility, thereby affecting price volatility as much as possible with digital assets desired by users. We will provide a degree of freedom to use the platform without receiving a fee.

When consumers pay with KON COIN, they are always provided with a basic discount rate of 5%, which creates its own unique value, which will provide an opportunity for consumers to continue using KON COIN.

In addition, it will activate peer-to-peer digital asset trading between individuals, make it easier to use the platform than existing exchanges, and allow you to trade without burden with minimal fees. Through this, KONPAY will try to make digital asset payment more active.