NHN KCP, Shinhan Bank Join Bank of Korea CBDC Project Phase 2

On July 27, NHN KCP and Shinhan Bank announced participation in Phase 2 of the Bank of Korea's 'Project Hangang' CBDC initiative. The two companies will expand deposit token-based payment use cases across convenience stores, hypermarkets, and online shopping platforms using NHN KCP's existing merchant network. Merchants can adopt deposit token payments without replacing terminals or updating systems, while the bank will gradually roll out services starting with major merchants to gather real-world usage data.

Phase 2 focuses on expanding use cases and improving user experience. The companies plan to implement smart contract technology to simplify payment processes and enhance operational efficiency.