Bithumb SNS Pay: New Social Media Crypto Payments Platform?
Bithumb, the second largest crypto exchange of South Korea recently announced the launch of a social media optimization payment platform called SNS Pay. SNS pay is a P2P platform that supports payments on social media including social networking sites and blogs. It is a service that integrates support for sharing, billing, and marketing products registered on social media.
Customers can use the new platform to buy goods that are popular on social media without having to find online stores that retail the product. Using SNS Pay for online shopping will dramatically increase the conversion rate by increasing the payment convenience and decreasing the transaction costs involved.
This new business model makes sense when one realizes that South Korea has the highest proportion of active social media users. 84% of their 51.12 million citizens are active on social media. SNS Pay wants to cater to the needs of people aged 20-39 who are on social media like Facebook, Twitter, KakaoTalk, Naver Blogs and Pinterest.
Earlier this month Bithumb had announced that it has formed a strategic partnership with Wincube Marketing, who is a Korean e-commerce site offering coupon services. This enables Bithumb to sell 12,500 kinds of tokens of mobile vouchers from 600 brands through gift certificates.
Bithumb had been in the news for facing scrutiny as they are facing investigations looking to find instances of money laundering and fraud. However, they are not alone here. Coinone, South Korea’s leading exchange platform faces similar charges.