KSNET Signs MOU with Solana Foundation to Pilot Solana Pay
South Korean payment company KSNET has signed a memorandum of understanding with the Solana Foundation to pilot Solana Pay across its network of over 330,000 merchants.
This network processes approximately $4 billion in transactions monthly, and the collaboration will also explore AI payment models based on the x402 protocol.
This partnership represents an event-driven implementation of blockchain payments, strengthening market expectations for Solana's adoption among physical merchants, benefiting SOL and related payment infrastructure, while putting pressure on traditional payment networks.
Source: Public Information
ABAB AI Insight
KSNET, a South Korean payment and settlement company with a 26-year history, has a track record of serving numerous offline and online merchants. This collaboration with Solana will integrate crypto payments into its existing network.
From a capital perspective, both parties aim to connect Solana Pay with local settlement systems through proof of concept, motivated by the desire to reduce exchange rate and liquidity risks while complying with anti-money laundering requirements, shifting resources from traditional card payments to digital asset settlements.
Similar cases can be seen with other Asian payment companies piloting with public chains, as well as Solana's previous institutional collaborations in South Korea; currently, crypto payments are transitioning from experimentation to large-scale merchant network expansion, with the industry's focus evolving from on-chain transactions to integration with the real economy.
This essentially represents a restructuring of the industry chain. Once payment networks integrate with blockchain, settlement efficiency and cost structures change, leading capital to accelerate towards collaborative projects with merchant scale.
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