South Korean payment services platform Danal has partnered with LG CNS to develop a payments network that hopes to bring Web3-related digital assets payments to the existing financial system.

See related article: South Korea’s SK Telecom to build its first Web3 wallet

Fast facts

• LG CNS is an information technology consulting and solutions subsidiary of LG Corporation, the fourth-largest South Korean conglomerate.

• The ‘Danal One Payment Platform’ will provide mobile and credit card payments that support cryptocurrencies, non-fungible token (NFT) and “future” payment schemes for the metaverse, the company said in a press release.

• Danal said it plans to leverage its recent memorandum of understanding (MOU) with U.S.-based payments solutions provider Fiserv for global expansion.

• Danal Fintech, Danal’s blockchain subsidiary, manages a local crypto payments platform Paycoin (PCI) which is accepted in local convenience stores, restaurants and other retail services.

See related article: South Korean banks seek green light on crypto