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  • Writer's pictureNagaya Technologies

Strategic Partnership With E-Commerce Platform To Develop P2P Payment In Korea

Our Chief Business Development Officer, Mr. Jung Heechul and CEO Mr. Kim Gyeong-ho of WeDigiPlat, inked a MoU (Memorandum of Understanding) for ‘PAMSO Pay’, a digital payment channel, on 15 February 2024. 

‘PAMSO Pay’ is the dedicated payment channel of ‘PAMSO’, an ecommerce platform developed by WeDigiPlat for members of SBOS-Ployment Functional Union. We can look forward to the roll-out of ‘PAMSO’ next month. This is their latest initiative to revitalise commercial districts and promote economic activities of small enterprises across Korea. 

Nagaya Technologies will be working closely with the team behind ‘PAMSO’ to ensure a seamless integration of its P2P payment system for the launch of ‘PAMSO Pay’, which is expected to take place this year. 

As mentioned by an official at the signing ceremony, “Through this MoU, both companies will collaborate to achieve synergy with the P2P payment system of Nagaya Technologies and WeDigiPlat’s ‘PAMSO Mall’ digital platform to provide a booster for small businesses to keep up with the technologically advancing market.  

‘PAMSO’, which is the abbreviation of ‘Palm All Market Small business Owners’, is created for the core purpose of promoting the coexistence of consumers and businesses, as well as to improve the operating conditions of small business owners.

In addition, there are plans to jointly expand Nagaya’s P2P payment system to other global platforms through ‘PAMSO Pay’ in the near future, by leveraging on our specialisation in blockchain technology and the commercial competitiveness of both companies.

At the end of the ceremony, Mr. Jung said, “The launch of ‘PAMSO Pay’ will also enable its use as the preferred payment method at shops operated by small and medium-sized merchants, especially in areas most frequented by tourists visiting South Korea.” He also added, “This will help increase their sales and I hope this will be of practical help to these business owners to overcome challenges.”

About SBOS-Ployment Functional Union

More than 80% of total employment in South Korea is comprised of self-employed running small businesses. Hence their economic independence is highly correlated with the development of national economy. 

The mission of SBOS-Ployment Functional Union is to provide support in form of management consultation and specialised skill training to this group, with the aim to allow them to maintain their competitiveness in the domestic market. 

Establishing a fair-trade system to promote mutual cooperation between large corporations and small and medium-sized enterprises is also their goal.

At present, there are more than 2,300 associations registered under this union.

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