This week, Bithumb, the South Korean cryptocurrency exchange shared that it is launching a P2P payment platform for social media that includes blogs and social networking sites. The exchange is also preparing to sell 12,500 mobile vouchers from 600 brands.
As the next biggest South Korean crypto exchange in South Korea, the company has announced that this will be a, “social media optimization payment platform.” Currently it is being referred to as, SNS Pay, and the exchange has also shared some details about it.
SNS Pay is a service that integrates support for billing, sharing, and marketing products that are registered on social media. Specifically, the company is implementing a system to allow payments with the same UI/UX and social media. Bithumb says that customers can utilize the new platform for buying goods that are popular on social media, without having to search for an online store that offers the products. South Korea has one of the largest amounts of citizens that are active on social media platforms.
“By utilizing SNS Pay [for] shopping on social media, the conversion rate leading to the actual purchase is expected to be significantly improved. SNS Pay increases the payment convenience to lower transaction costs,” explained a Bithumb official.
Bithumb also shared that it formed a partnership with Wincube Marketing, which is a Korean e-commerce site that provides coupon services.
“Under the partnership with Wincube Marketing, Bithumb will sell 12,500 kinds of mobile vouchers from 600 brands through gift certificates,” shared the exchange.