What is Paycoin?

Paycoin (PCI) is a blockchain-based payment project initially developed as an in-house initiative by Danal, a South Korean payment service provider. To advance the project independently, PayProtocol AG was established as a separate legal entity in Switzerland in September 2018. Paycoin represents one of the earliest and most prominent use cases of blockchain-based payment systems in South Korea, combining regulatory foresight with practical merchant integration.

PayProtocol AG launched PCI, a utility token designed specifically for payment purposes, on a private blockchain network based on Hyperledger Fabric (HLF). The ecosystem was further expanded in April 2019 with the commercial release of the Paycoin app, enabling users in South Korea to make real-world payments using PCI for the first time.

Paycoin represents one of the earliest and most prominent use cases of blockchain-based payment systems in South Korea, combining regulatory foresight with practical merchant integration.

What are the real-world applications of Paycoin?

Paycoin offers a global cryptocurrency payment platform designed to make using digital assets for real-world payments easy and convenient. Paycoin is evolving beyond a simple payment coin, aiming to expand the practical usage of crypto assets and enter the global payments market.

1. Global Payment Expansion and Real-World Utility

• South Korea In Korea, Paycoin is already accepted at major franchise chains such as Domino’s Pizza and Pizza Hut, as well as a wide range of online and offline merchants. 
• European Union In the EU, Paycoin has officially launched the “Paycoin Mastercard” in partnership with Swiss-based Web3 neobank SR Saphirstein AG (Fiat24). This card allows users to top up with PCI and make real-time payments at any Mastercard merchant worldwide. Furthermore, the card can be registered with major mobile payment services such as Apple Pay and Google Pay, making it usable for online shopping, overseas purchases, travel, and subscription services.
• Southeast Asia Through collaboration with Alchemy Pay, Paycoin has commercialized both online and offline PCI payment services in Southeast Asian countries such as Vietnam and the Philippines. Users in these regions can utilize PCI for a variety of real-world transactions, including retail, travel, and digital services, further expanding Paycoin’s global presence and practical use cases.
• Central Asia In April 2025, Paycoin (PCI) was officially listed on UZNEX, Uzbekistan’s largest government-authorized exchange. In partnership with local commercial bank Okto Bank and UZNEX, PayProtocol AG plans to issue the “Paycoin Crypto Mastercard” for the region, enabling users to make real-world payments through the Mastercard global network.

2. Service Expansion and Transparency Paycoin plans to expand beyond payments into DeFi-linked financial products, rewards, vouchers, and credit services. The project is committed to transparency, providing users with up-to-date information on PCI circulation and company holdings through its user care center and the PayProtocol scanner.

What is the technology behind Paycoin?

Paycoin is powered by a robust technological foundation that blends blockchain innovation with real-world payment expertise, aiming to bridge the gap between digital assets and everyday commerce. The following points summarize the key technological aspects of Paycoin:

1. Blockchain Infrastructure: Hyperledger Fabric

• Private Blockchain Paycoin is built on Hyperledger Fabric (HLF), a permissioned blockchain framework. Unlike public blockchains, only authorized nodes can participate in transaction validation, which ensures fast transaction speeds and enhanced privacy—crucial for payment services.
• Enterprise-Grade Security Hyperledger Fabric’s architecture allows Paycoin to maintain enterprise-level security and compliance, making it suitable for both retail and e-commerce payment environments.

2. Integration with Traditional Payment Networks

• Mastercard & Integration with Global Financial Infrastructure Paycoin has launched a Mastercard-powered debit card, developed in partnership with Swiss neobank SR Saphirstein AG. This enables users to spend PCI at any Mastercard merchant worldwide, both online and offline. The system also supports integration with SWIFT, SEPA, and IBAN for cross-border value transfers, connecting crypto assets to traditional financial networks.
• Mobile Payment Compatibility The platform supports major mobile payment solutions such as Apple Pay and Google Pay, allowing users to make crypto payments as seamlessly as traditional card payments.

3. Self-Custody 

• Self-Custody Wallet Paycoin’s Mastercard features a self-custody structure, giving users full control over their crypto assets while enabling real-time payments through the Mastercard network. Users can top up their cards with PCI and spend globally without relinquishing asset custody to third parties.

Who is the founder of Paycoin?

Paycoin is a blockchain-based payment project driven by Danal, one of Korea’s leading integrated payment solution companies, and it was developed based on Danal’s more than 20 years of accumulated payment infrastructure and expertise.

Danal is the world’s first PG Payment Gateway to develop a mobile payment solution, holding over 50% market share in Korea’s mobile payment sector, and currently supplies integrated payment solutions to 12 countries worldwide.

To address issues such as high transaction fees and slow settlement cycles in the traditional payment market, Danal integrated blockchain technology into its payment infrastructure, commercializing a service that enables the use of digital assets for real-world payments.