Beatoz, Siksin partner for blockchain-based meal voucher payments

Blockchain technology firm Beatoz and food tech company Siksin have partnered to develop a blockchain-based payment system for electronic meal vouchers. The collaboration, announced on the 27th, aims to integrate stablecoin payments into Siksin's mobile meal voucher service, which serves approximately 260,000 office workers and 50,000 affiliated merchants.

This project will transition Siksin's existing database-centric meal management system to a blockchain-based asset. The companies will test a structure where smart contracts confirm transactions, thereby accelerating the settlement process for merchants by processing settlement data simultaneously with transaction confirmation. The implementation will involve adding the payment method to the existing app, without requiring POS terminal upgrades or changing the user's current QR code payment method.

The payment system will utilize Beatoz's Crypto Payment Gateway (CPG), co-developed with Ringnet. CPG automatically handles payment route settings and coin swaps based on the user's assets and network environment. Both companies will assess the system's performance during peak payment times, such as weekday lunch hours, to ensure smooth operation from approval to POS settlement synchronization. Beatoz has previously verified its blockchain input processing performance at 17,700 TPS in tests with the Telecommunications Technology Association (TTA).

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We will create a pilot case that shortens merchant settlement periods and increases the transparency of meal expenses while maintaining the existing payment environment.

Siksin CEO Ahn Byung-ik stated, "We will create a pilot case that shortens merchant settlement periods and increases the transparency of meal expenses while maintaining the existing payment environment." Beatoz Korea CEO Lee Sang-guk added, "Based on CPG, we will verify if app payments and offline settlements can be linked even during concentrated payment situations."

Beatoz has been actively pursuing various stablecoin payment network pilot projects, including cross-border payments with Jeonbuk Bank and Modetour, e-commerce with Hana Financial TI and POP, offline POS with Coban and Ringnet, and policy funds and local payments with iM Bank and Kukon.

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Based on CPG, we will verify if app payments and offline settlements can be linked even during concentrated payment situations.