▲(From left) Kim Ki-hyun, CEO of Welcome Payments, and Lee Su-jeong, CEO of CHERRY, pose for a photo during the signing ceremony/Photo courtesy of CHERRY
CHERRY, the first blockchain Charity Platform in Korea, announced today that it has signed a business agreement with Welcome Payments to revitalize the donation culture.
CHERRY is a Charity Platform that utilizes the advantages of blockchain technology. It has developed a technology called 'microtracking' that can track how donations are used in real time to increase trust.
Welcome Payments is a company established by Welcome Financial Group in 2017, and its main businesses include electronic payment agency (PG) and software development. It operates 'Welcome Pay', a prepaid electronic payment method. WelcomePay is the first prepaid service in the savings banking industry that allows users to pay with QR codes and barcodes at online and offline locations. It also supports zero-payment payments nationwide.
Under the partnership, the two parties will allow WelcomePay app (application) members to donate their remaining points to CHERRY when they unsubscribe. The donations will be used for childcare centers and support centers for young people preparing for independence through Yana.
CHERRY already operates point donations that can be made with Lotte Members' Elpoints. Starting with the collaboration with Welcome Payments, the company plans to partner with more point companies and help make donations easier.
"Point donations from withdrawn members will be an opportunity to increase the value of points to the next level," said Lee Su-jeong, CEO of CHERRY. "We will continue to introduce various point payment methods so that more people can participate in donations."
Kim Ki-hyun, CEO of Welcome Payments, said, "We look forward to expanding Welcome Payments' social contribution business through cooperation with CHERRY's Charity Platform." "Starting with this partnership, we will continue to collaborate to spread the culture of donation."
CHERRY is Korea's first blockchain-based Charity Platform, launched in 2019 as a national project of the Ministry of Science and ICT and the Korea Internet & Security Agency. It has run more than 1,900 campaigns with 380 donor organizations, raising more than KRW 11 billion. It is creating a model that makes it easy to donate in everyday life, such as 'CHERRY Photo' that donates by taking a photo and 'CHERRY Donation Kiosk' that donates by tagging an employee's employee card.