South Korean payments company Toss and Korea Minting and Security Printing Corporation, or KOMSCO, have completed a proof of concept for a blockchain-based payment flow on the OP Stack, according to the Optimism blog. The test covered the full process for a "local love gift certificate" payment system and showed that top-ups, spending, and settlement could be handled within a single on-chain transaction. Under the test setup, merchants were able to receive funds immediately instead of waiting through a traditional settlement cycle that can take several days. The trial was conducted in a separate test environment and has not gone live. Neither Toss nor KOMSCO has announced a timeline for a production launch.
South Korean payments company Toss and Korea Minting and Security Printing Corporation (KOMSCO) have finished a proof of concept for a blockchain-based payment settlement flow built on the OP Stack, according to the Optimism blog.
The test ran through the entire payment process for a "local love gift certificate" system. Start to finish. It found that top-ups, spending, and settlement could all be handled in a single blockchain transaction, letting merchants get funds right away instead of waiting several days under the usual settlement cycle.
The proof of concept was conducted in a separate test environment and has not gone live for production use. And Toss and KOMSCO have not announced a formal rollout timeline.
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