Metaps Plus, a Korean fintech company and a subsidiary of Tokyo-based Metaps Group has announced a new strategic partnership with OST to develop blockchain-powered coupons and mobile payments by leveraging OST technology and the OpenST and OpenST Mosaic Protocols.
“Metaps Plus is leading the charge in bringing blockchain technology to mass consumers in Korea. Working with OST will help Metaps Plus create Mobile Coupons 2.0 and pave a whole new way for users to adopt, use and even trade coupons,” says Seungyeon Kim, CEO, Metaps Plus.
The collaboration with OST will initially focus on tokenizing mobile coupons. Although mobile apps have made coupons much more convenient and user-friendly, end-customers still face many traditional limitations. For example, a coupon typically has an expiration date, can only be used at specific stores/locations, and may require minimum purchase thresholds. This limits their value and adoption, frustrating both consumers and businesses.
Blockchain tokens can solve many of these issues as they are tradable and have inherent market value, bringing more flexibility to users. To mirror the large variety of coupons that Metaps Plus currently processes, the partnership will tap key areas of blockchain development such as Non-Fungible-Tokens (NFT), which are designed to represent unique digital assets.
“OST shares our vision and values and is building cutting-edge blockchain infrastructure and tools. We look forward to working together, leveraging our established business network in Korea and OST’s technical expertise, thus bringing more opportunities to customers, brands, and merchants.”
“Blockchain technology will revolutionize loyalty programs across the world, empowering consumers by allowing them to own what they have earned. We are thrilled to partner with Metaps Plus, and to work with them to build a next-generation mobile coupon ecosystem.”