On July 30, 2026, South Korean payment solutions provider KSNeT signed a memorandum of understanding (MOU) with the Solana Foundation to integrate Solana Pay into its extensive merchant network. KSNeT, a major fintech company with over 25 years of experience, processes approximately $4 billion in monthly transaction volume through 130 million transactions for more than 330,000 merchants across South Korea. The partnership aims to enhance the accessibility and efficiency of cryptocurrency payments in the region.
The agreement includes two proof-of-concept (PoC) projects. The first phase will demonstrate a technical connection between Solana Pay and KSNeT’s physical and online merchant network, with built-in anti-money laundering (AML) compliance filters to meet local regulations. It will also feature a direct link to the Korean won settlement network, designed to mitigate exchange rate volatility during digital asset settlements.
The second phase focuses on the x402 protocol, which enables autonomous micropayments by artificial intelligence agents using the HTTP 402 status code. This could facilitate machine-to-machine transactions, leveraging Solana’s low fees and high speed for real-time, small-value payments without traditional card network overhead. The collaboration positions Solana as a potential leader in South Korea’s growing digital payment market, with further commercial rollout dependent on successful testing.
