Crypto Exchange Bithumb Developing Social Media P2P Payment System

Announcements, News | April 10, 2018 By:

Bithumb, South Korea’s second largest cryptocurrency exchange, is developing a new blockchain platform that supports transactions and payments through social media sites, web communities, and blogs.

Tentatively called SNS Pay, the platform will allow customers to make cryptocurrency purchases directly from their social media pages and chat apps, such as Facebook, Twitter, KakaoTalk, Naver Blogs and Pinterest – without having to navigate to separate e-commerce sites.

“SNS Pay is a service that integrates support for sharing, billing, and marketing products registered on social media,” the company said. “In particular, [we are] implementing a system to allow payments with the same UI/UX and social media.” The SNS Pay platform will look to meet the needs of people aged 20-39, who are very much into social media.”

South Korea is among the countries with the highest proportion of active social media users. Out of a population of 51.25 million, South Korea has more than 45 million Internet users, as well as 38.4 million active users on social networks. This places South Korea in the top two for the use of social networking globally.

Bithumb is aggressively expanding its footprint in a bid to offer more customer-focused services. Last month, the exchange partnered with three Korean kiosk manufacturers – Uno Space, TROS Systems, and IYU – to supply ATMs to different businesses, including small restaurants and cafes. During the same month, it partnered with digital payment services provider Korea Pay to allow its users to pay with cryptocurrency in 8,000 brick and mortar outlets by the end of 2018.

Last week, the South Korean exchange announced that it has formed a strategic partnership with Wincube Marketing, a Korean e-commerce site offering coupon services. The partnership will allow Bithumb to sell 12,500 kinds of mobile vouchers from 600 brands through gift certificates.