Business Experience

Good Pay Global Experience

As a foreigner who felt in the field while running a startup for 3 years and 6 months in India, I thought of one thing that was uncomfortable. It was 'money'. When my mother came to India, she went to the bank with her passport and dollars, but the bank said that she must have an airline ticket. This is a small example. Actually, I need to send money while doing business, but the procedure and method are difficult. In particular, it wasn't a small amount when I calculated the cost of the card used by businessmen and friends who came to visit India.
So, after learning a little more, I realized that there are too many unnecessary processes and high costs when using the card. For example, when using a Korean and Indian card, you will have the following process.

Business travelers and travelers from Korea to India have gone through the United States, thinking that there is no need to change Hanwha to Dollars and Dollars to Rupees. In addition, the exchange fee was charged separately for each currency exchange. This is calculated only for currency exchange, but when paying with a card, the fee is also separate from the card company. Occasionally, if the DCC (Dynamic Conversion Currency), that is, the payment is not made in India by Rs, and the payment by Hanwha is caused by a card company's mistake (?), Only 15-20% of the applicable fee will be charged. Travelers and business travelers were counting a lot of money they didn't know. Moreover, I found out that micropayments are much higher fees ( see the link for the Korea and India card fee blog ).

In other words, existing financial services have been felt to be inefficient and, in some cases, malicious. Therefore, I, who had known Bitcoin from the beginning, prepared a service by planning a payment process between users using blockchain technology, not cryptocurrency, based on the technology. So, the process I planned is as follows.

By directly connecting Korea and India, we are implementing a process that significantly reduces the intermediate stages. In other words , you can reduce costs by using the Peer to Peer method, which reduces unnecessary processes, direct transactions, or the Paring method, which drives multiple transactions into one transaction.

In addition, since it is traded on the blockchain, real-time transactions are possible using the private blockchain technology used by Good Pay Global, and all transactions can be transparently checked anywhere in the world. On the other hand, due to the association between blockchain and cryptocurrency, in order to resolve the negative perception of existing cryptocurrency, this project focuses on payment solutions based on blockchain technology, away from cryptocurrency.