TLDR
- t’order partners with Sui to implement blockchain tech for faster restaurant payments.
- The collaboration aims to reduce card fees and offer a secure payment solution.
- Blockchain integration will process payments in under 0.5 seconds.
- t’order plans to use Sui’s technology to issue a KRW-based stablecoin soon.
t’order, South Korea’s leading table-ordering platform, has teamed up with the blockchain company Sui to develop an advanced payment system aimed at revolutionizing the restaurant industry. This collaboration is set to drastically improve the efficiency, security, and cost-effectiveness of payments made through t’order’s network of 300,000 point-of-sale (POS) tablets in restaurants nationwide.
With t’order handling a transaction volume of $350 million monthly, or $4.3 billion annually, the company is aiming to leverage Sui’s blockchain technology to resolve some of the limitations of the current payment system. Austin Kwon, CEO of t’order, noted that the traditional card and payment gateway systems often involve high transaction fees, which they plan to reduce by switching to blockchain-based payments.
Speed and Security Enhancement with Blockchain Technology
One of the key benefits of the blockchain integration is the substantial increase in payment speed. Currently, payments via in-store tablets take 2–3 seconds for approval. However, with Sui’s technology, the average payment confirmation time will be reduced to under 0.5 seconds, allowing for near-instantaneous transactions.
This will be a notable improvement for restaurants that rely on fast and efficient order processing.
The integration of blockchain also offers enhanced security features. Sui’s decentralized system makes it nearly impossible to tamper with or forge transaction data. All transactions are recorded on the blockchain in real time, providing greater transparency and reducing the likelihood of disputes. According to Kwon, this will give consumers and small business owners alike more confidence in the payment process.
Reducing Fees with Stablecoins and Blockchain
t’order is also focused on lowering the fees associated with transactions. The current card payment system incurs fees ranging from 0.8% to 2.5%. In contrast, the new system, powered by Sui’s blockchain and stablecoins, will reduce these fees to approximately 13 Korean won per transaction.
This could lead to annual savings ranging from 58 billion to 150 billion Korean won for small businesses using t’order’s services.
The collaboration also includes the launch of a KRW-pegged stablecoin, which will allow for cheaper and faster transactions in South Korean won. The stablecoin will be integrated into t’order’s payment system, further enhancing its efficiency. Blockchain-based payments will also be combined with face recognition technology, enabling seamless, instant transactions for customers.
Sui Blockchain’s Decentralized Advantage for South Korea
As cybersecurity concerns rise globally, the decentralized nature of Sui’s blockchain makes it a highly secure option for businesses handling sensitive financial data. Rebecca Simmons, chairman of the Wallace Foundation, highlighted that the decentralized structure eliminates the risk of data corruption from a single point of failure, which is a common vulnerability in centralized payment systems.
Additionally, since no third parties are involved in processing data, the system ensures greater consumer protection.
Christian Thompson, Managing Director of the Sui Foundation, pointed out that South Korea’s push for digital transformation in payments aligns well with Sui’s capabilities. He emphasized that Sui’s blockchain technology is tailored to handle high-volume, real-time transactions, making it a perfect fit for industries like t’order’s, where efficiency and security are critical.
Impact on South Korea’s Restaurant Market
This partnership has the potential to significantly impact the South Korean foodservice industry, valued at roughly 190 trillion KRW. By integrating blockchain-based stablecoin payments, t’order aims to modernize the way restaurants process transactions, ultimately improving customer experience and reducing operational costs.
The collaboration marks a milestone in the country’s efforts to advance its digital asset ecosystem, which has seen a growing interest in stablecoins and blockchain technology.
This move is also part of a larger trend in South Korea, as companies look to reduce reliance on dollar-pegged stablecoins like USDT and USDC, focusing instead on local digital currencies. As South Korean regulators finalize a framework for stablecoin issuance, this partnership between t’order and Sui may set the stage for widespread adoption of blockchain-based payments across industries.
