Although many new or alternative payment methods have emerged with the enormous growth of P2P transactions over the recent decades, still majority of individuals are loyal users of mainstream payment devices (e.g. credit card) and the mainstream devices hardly allow easy way of doing P2P payment.

In addition, there is another critical problem that is yet resolved - “No compatibility between different payment devices” In order to effectively support the rapidly growing demand for P2P transactions, people need to be able to use P2P payment service no matter what payment devices they would like to use.

Values cannot be transferred between different payment devices and even services (Credit card to mobile phone, or PayPal to Google Checkout). Moreover, given that everything converges into a mobile phone, a future of mainstream payment platform should be able to allow existing payment devices to go mobile without a burden of significant investment.

Indeed, many credit card companies and mobile phone service providers already have started to unveil new concepts such as contactless credit card. However, this kind of approach usually requires the business to take huge amount of development cost. Realistically, only a small number of financial conglomerates can afford to such investment in short term.

In addition, the contactless technology yet addresses the compatibility issue successfully. The technology only requires consumers to carry additional payment device on their mobile phones and more seriously does not accommodate P2P payment.

Simply, the solution should be an answer to the three challenges:

• To allow main stream payment devices to easily accommodate P2P payment function
• To allow different payment devices to connect to each other
• To allow existing payment devices to go mobile with light investment

The solution we offer is Crency. Crency is a patent-filed (om South Korea and Singapore) or pending (in countries including U.S. Japan and China) payment technology. Crency enables value transitions between different and isolated payment devices. With Crency, you can pay a flea market seller for an LP record with your mobile phone which is linked to your credit card account.