Samchully Motors Now Allows Crypto Payments For Automobiles With Paycoin: A First In Korea

Best Cryptocurrencies to Buy Now

Danal subsidiary has partnered with Samchully Motors and has announced BMWs will now be purchased using Paycoin (PCI). The local luxury auto dealership partnership makes it the first time people can pay for vehicles entirely using crypto. The FinTech solutions provider collaborated with BMW and earmarked a line of customer favorites for sale.

A Big Step For Crypto In Payments 

Danal FinTech C.E.O., Hwang Yong-taek, revealed that the achievement meant that People could purchase anything with a cryptocurrency. He expressed this as the goal of the company.  Paycoin intends to facilitate crypto payments for every and any goods or service within the bounds of the law. He added the company was looking toward partnerships with other car manufacturers aside from BMW.

Danal has made it possible for all steps leading to the purchase of the car. Users of the PCI mobile app can do this. The features cover everything from the transaction to paperwork. The company keeps growing and adding more features.

Paycoin Background And Ambitions

Paycoin launched two years ago, remains the foremost blockchain payment provider in the region. The firm had provided Bitcoin payment solutions to over a hundred thousand businesses in Korea at the beginning of the year.  Riding on the back of these successes, the firm hopes to foster the adoption of its native token by creating Bitcoin support. Users holding Bitcoin can swap it for Danal’s native token using the platform’s app, and People can use the native coin for payments at any partnered merchants.

Danal Fintech hopes to integrate more mainstream cryptocurrencies in 2022. Paycoin is becoming one of the most important subsidiaries of Danal. Over half of the population relies on payments dependent on it. Pundits say that PCI has plans to join other tradable assets on international crypto exchanges.

The token is listed on some of the biggest exchanges in Korea already. The strict KYC verification steps of these exchanges necessary for compliance with regulations have gone a long way to limit the reach of this token to Korea alone. Getting Paycoin listed on global exchanges will break down the brick wall and allow for the use of PCI in international transactions. 

At inception, the company aimed to address a couple of issues in the industry with Paycoin. The first issue was the jaw-dropping vendor fees and long settlement time. Paycoin was able over three times lower costs and a 90% decrease in settlement time. Unsurprisingly features allowed it to attract millions of users and a hundred thousand businesses. The businesses cut across various fields. Danal’s support continues to spur the growth of the platform.

Paycoin hopes to branch into broader financial services like other simple payment providers. Currently, the application provides an in-app shop, a game, and investments. All of these features give users the ability to earn more PCI tokens. Danal Incorporated plans to compete with payment giants internationally but with blockchain technology. They hope they can do this by optimizing the interest of customers and merchants.