Shinhan Card (032710) is testing offline payments using a token it issues itself, drawing on blockchain technology from Dunamu.
Shinhan Card said on the 27th that it is running a blockchain-based payment test for employees at a merchant on the first basement floor of its head office, together with Dunamu, the operator of the Upbit exchange. The test uses Dunamu's public blockchain, Giwa Chain, and its dedicated digital asset wallet, Giwa Wallet. Dunamu provides the blockchain infrastructure, while Shinhan Card directly issues and operates a payment token called SOL Token on Giwa Chain.
Participating employees can issue the Shinhan Card token in the Giwa Wallet app and pay by scanning a QR code installed at the store. The process has been simplified so that users do not need to enter a wallet address separately or go through a token transfer procedure. Through this, the company plans to check how applicable and convenient blockchain payments are at an actual offline store.
The test also verifies the security and compliance requirements needed for financial services. Giwa Chain's "stamp" technology authenticates employee identities on the blockchain and allows payments only from wallets registered in advance, blocking unauthorized transactions.
Giwa Chain is a public blockchain built by Dunamu, which operates Upbit, South Korea's largest cryptocurrency exchange. Shinhan Card has already completed proof-of-concept (PoC) work on six technology tasks in the stablecoin and blockchain areas. It is also continuing to work with domestic and overseas partners including the Solana Foundation and Japan's SBI Group, expanding its technological base for blockchain-based payments.
A Shinhan Card official said, "Through this pilot test, we will present a new standard for blockchain-based financial services and build a foundation that allows immediate commercialization once the legal framework is completed," adding, "Going forward, we will push ahead step by step with expanding the number of participating merchants and linking up with global blockchain networks."