NEW YORK, NY / ACCESSWIRE / June 13, 2019 / Yap Chain Foundation is going to enter in-flight shopping payment service business that has applied blockchain technology to low-cost airline (LCC) for the first time in South Korea.

Park Seong-jae, CEO of the Yap Chain Foundation, signed a contract with Sky Channel Asia CEO Kim Won-kook on 17th to establish a blockchain-based in-flight media platform payment service and is taking a photo.

The Yap Chain Foundation announced on the 17th that it signed a main contract with Skychannel Asia, which provides in-flight content platforms, to establish a blockchain-based in-flight shopping payment service that allows customers to make payments such as orders and shopping using Yap Stone, an cryptocurrency.

Under the contract, the two companies will launch a pilot service starting this week to build and operate in-flight shopping payment services using Yap stone for domestic and foreign low-cost carriers and aircraft that do not have in-flight entertainment systems.

In-flight shopping by domestic and foreign low-cost carriers has previously been operated by ordering products that consumers want through catalogs. However, since the range of products is very limited and the payment method is limited to cash and credit cards, there were many restrictions on customers' smooth shopping.

Under the deal, the Yap Chain Foundation plans to make it possible to pay for the Yap Coins through Skychannel Asia, which is serviced by Jeju Air and domestic and international airlines. In the future, the foundation plans to actively utilize the A8POS, the best-selling Android POS (selling point-of-sale information management system) of Ingenico (LANDDI), which has exclusive rights in Korea, to build a cryptocurrency-based shopping platform in low-cost aircraft and to allow the customers to purchase goods with Yap Stone. Other payment services through the PG system, as well as the cryptocurrency exchange system, will be introduced.

'Although settlement of cryptocurrency transactions is possible through OTC transactions using exchange system and others, VAN functions are necessary for coin holders who have low volume transactions.' said CEO Park. 'We will construct first in history cryptocurrency exchange-'crypto VAN system'. We expect that the service operated by Skichernal Asia will soon be more than 30 million users a year and provide high-quality payment services,' he added.

Meanwhile, the Yap Stone Foundation publishes the 'Yap Stone,' the flagship currency of smart cities, through Yap Chain, which is optimized for smart cities that can be the operating system of groups, shopping malls, streets and cities. Through Yap Token in particular, it is providing local governments with local currency issuance and college districts with cryptocurrency and college coins on the basis of Smart Contact.

CONTACT:

Lynn Xu

SOURCE: YAP CHAIN