KG Inicis attended the launch ceremony of the deposit token payment infrastructure expansion project organized by the Korea Internet & Security Agency (KISA) on the 23rd and began construction of a digital currency payment network. The project is a core task of Phase 2 of the Bank of Korea's central bank digital currency (CBDC) test known as 'Project Hangang,' focused on expanding online use cases for deposit tokens and establishing a foundation for commercialization. The initiative connects KG Inicis's payment gateway system to the Bank of Korea's digital currency distribution infrastructure.
KG Inicis Develops API Connecting Hangang System to Payment Gateway
KG Inicis plans to build a core application programming interface (API) that connects the Hangang system, where the Bank of Korea's digital currency circulates, to the company's payment gateway (PG) system. Through this connection, merchants using KG Inicis's PG service will be able to support deposit token payments within their existing payment environments without additional system development or extra costs. The company stated that this approach minimizes the burden on merchants while maintaining existing payment systems and introducing new digital payment methods. Consumer accessibility and convenience for deposit token payments are expected to increase through this project.
Government Targets 25% Digital Currency Conversion by 2030
The deposit token payment infrastructure will be linked to the government's digital finance policy. The government is pursuing a plan to convert 25% of treasury fund execution to a digital currency basis by 2030. The scope of policy funds based on deposit tokens, including vouchers, subsidies, and business promotion expenses, is expected to expand accordingly. Smart contract technology applied to deposit tokens will be integrated with the online payment system to automatically verify transaction conditions such as usage locations, deadlines, and limits. This implementation aims to prevent unauthorized use and enhance transparency and efficiency in treasury fund execution. A KG Inicis official stated that the company will lead the new deposit token payment ecosystem in South Korea, serving as a core pillar of the digital currency distribution network beyond simply adding a payment method, expanding everyday payment experiences and contributing to the advancement of the national digital finance system.
FAQ
What did KG Inicis do on the 23rd?
KG Inicis attended the launch ceremony of KISA's deposit token payment infrastructure expansion project on the 23rd and began construction of a digital currency payment network.
How does KG Inicis's API benefit merchants?
Merchants using KG Inicis's payment gateway service will be able to support deposit token payments within their existing payment environments without additional system development or extra costs through the API connecting the Hangang system to the company's PG system.
What is the government's digital currency conversion target by 2030?
The government is pursuing a plan to convert 25% of treasury fund execution to a digital currency basis by 2030.
