PaxMone was born on a day in early 2006 when Sung-nam Hong and Eun-bok Lee teamed up to explore into a new type of e-commerce business which provides a online marketplace designated for service transactions between individuals

Recognizing the enormous power of the social networking environment in which individuals are encouraged to enjoy commercial transactions between each other, the two partners learned that a new payment system, which should be reliable and convenient, needed to be developed in order to effectively promote Person to Person transactions.

In fact, credit-based payment devices such as credit card could hardly be used for transactions between individuals (non-merchants). For example, if you hire a boy in your neighborhood for lawn-mowing, you cannot pay him with your credit card. You have to pay him in cash only.

“What if we can pay the lawn-mowing boy with credit card?”

“It would boost up transactions!” Hong and Lee thought. And, the idea of allowing credit cards to be used for P2P transactions started to stimulate their imagination: What if we can pay rents with credit card, what if we can send money to my parents with credit card, what if we can pay a babysitter with credit card, etc…

Truly, in our daily lives, there are numerous occasions or transactions in which you have to use cash only for payments. If you can use credit cards instead of cash, it may change the world as much as credit card did over the last decades.

When coming to this thought, Hong and Lee began to dedicate their time and energy to developing a new payment business and, 16 months later (in Nov. 2007), they got a patent for a new payment method. Based on the patent, they spent another year developing a payment business model called “Crency”.

In July 2008, with Jong-oh Kim and Hyung-suk Suh joining the two partners, Paxmone was established as a new start-up. Since then, Paxmone has focused on articulating the Crency model with a goal of making it a viable business opportunity for potential partners, including credit card companies and mobile phone service providers.

“Crency Aims to Be a World’s Payment Platform”

To be a widely accepted payment platform, Crency is designed to accommodate the following three critical requirements:
  • Can be easily adapted to main stream financial (payment) system 
  • Can be compatible between different payment devices 
  • Can be operated at reasonable cost

Crency is not a stand-alone payment service. It is supposed to be embedded into existing credit-based payment systems operated by financial institutes, mobile phone service providers (for micro-payment), or IPTV businesses. Furthermore, Crency accommodates transactions between payment devices such as credit card to mobile phone, which makes it truly differentiated and best fit for the open economy.