When we formed our mission for the Saturn Network, one of the key goals was to help and nurture the movement towards global cryptocurrency adoption - which is why we really love to see other projects that align with this goal!
Bithumb, the major South Korean cryptocurrency exchange, has just announced a partnership with a mobile payment service provider Pay's. This partnership has outlined an initiative to make cryptocurrencies readily available at thousands of stores.
The Korea Times has reported that by the first half of the year this will bring cryptocurrencies to 6,000 outlets. They also have a franchising scheme that, reportedly, 200 brands have already signed on to use - this aims to allow businesses to take cryptocurrency payments via Pay's mobile payment platform.
The partnership is definitely Bithumb's response to the news of South Korean internet giant Kakao Corp - one of the companies behind the exchange Upbit, announcing that they were in the process of integrating their cryptocurrency payment system for an estimated 12,000 merchants. This announcement would mean that millions of users across various Kakao services would be able to settle payments via cryptocurrency all over South Korea.
Should merchants processing crypto payments be centralized?
Though we can not help but smile when you think what such an endeavor can mean for global cryptocurrency adoption, we have to remember the dangers of a centralized approach and implications it brings to the users. What happens when a server goes down and their crypto payment processors can no longer function? What if the transaction gets stuck in the middle, would the merchant just give you the goods hoping to sort it out with the exchange? I doubt it.
Definitely, merchants need the ability to easily take cryptocurrency payments without a hassle. They need to be provided with a means to receive the payment in their preferred currency, and not be expected to have hundreds of different wallets for every coin. This should be implemented in a decentralized manner so that there is no worry about having funds traveling through a third party or hefty fees involved.