KSNET signed a memorandum of understanding with the Solana Foundation on July 30. The deal aims to build digital asset payment infrastructure across KSNET’s merchant network in South Korea. KSNET announced the agreement from its headquarters in Seocho-gu, Seoul. Under the MOU, both sides will pilot Solana Pay for Korean merchants. They will also test x402, the emerging standard for AI agent micropayments on Solana.
This partnership matters because of who KSNET is. The company is not a startup chasing a trend. Instead, it is one of the largest payment processors in the country. As a result, Solana gains direct access to a mainstream Korean retail base. That access is difficult to build from scratch.
BREAKING: Korean fintech giant KSNET is bringing payments on Solana to its network of 330,000+ merchants 🔥
— Solana (@solana) July 30, 2026
As part of an MOU with Solana Foundation, KSNET will integrate Solana Pay into a payment network processing $4B in monthly volume. pic.twitter.com/XYcccF3H3Q
Who KSNET Is and Why Its Scale Matters
KSNET has operated in Korean payments since December 1999. Over more than 25 years, it grew into a top-four value-added network, or VAN, in South Korea. The company describes itself as Korea’s only comprehensive payment provider. Notably, it combines card VAN, internet payment gateway, and electronic finance services in one platform. Few competitors offer all three under a single roof.
The scale numbers explain the significance of this deal. KSNET serves more than 330,000 merchants across the country. Additionally, it processes roughly 130 million transactions every month. That activity represents nearly $4 billion in monthly payment volume. When Net1 acquired KSNET in 2010, it called the company Korea’s second-largest processor. Stonebridge Capital and Payletter later bought KSNET in 2020 for about $237 million.
What the Solana MOU Actually Covers
The MOU centers on two distinct payment technologies. First, KSNET will pilot Solana Pay, the network’s merchant payment rail. This lets stores accept stablecoins and tokens settled directly onchain. Second, KSNET will explore x402, a protocol for machine-to-machine micropayments. That standard lets AI agents pay for services automatically, without human checkout.
Both parties framed the goal as next-generation payment infrastructure. In practice, KSNET would route onchain payments through its existing point-of-sale and gateway systems. Therefore, merchants could accept Solana-settled payments alongside traditional cards. Solana’s technical profile fits retail use well. Transactions finalize in about 400 milliseconds and cost roughly $0.00025 each. Those figures make small, frequent payments economical at scale.
Part of a Broader Solana Push Into Korea
KSNET is not Solana’s only Korean payment partner this year. In June, the KG Group signed its own MOU with the Solana Foundation. That deal targets stablecoin settlement across roughly 220,000 merchants tied to KG Inicis. Together, these two agreements point Solana toward well over half a million Korean merchant relationships. Meanwhile, Hanwha Asset Management also partnered with the Foundation to expand its digital asset work.
South Korea has become a focal point for onchain payment experiments. For example, Circle recently teamed with Kakao and Toss Bank on stablecoin rails. KSNET itself already partnered with Crypto.com earlier in 2026 to enable crypto payments for tourists. Consequently, the KSNET-Solana MOU extends a pattern rather than starting one. Korean processors keep testing whether blockchain settlement can work at national retail scale.
Why This Deal Is Worth Watching
An MOU is a starting point, not a finished rollout. Still, the reach involved makes this agreement notable. KSNET already touches a large share of Korean card commerce every day. If even a fraction of that volume shifts onchain, the numbers grow quickly. For Solana, the prize is real merchant distribution rather than pilot demos. For KSNET, the payoff is a position in stablecoin and agentic payments early.
The x402 component adds a forward-looking angle to the deal. AI agents that pay for APIs and services need fast, cheap settlement. Solana has pushed hard to become that layer since x402 launched this summer. KSNET’s merchant base could give the standard a live commercial testing ground. Readers should watch for the first live Solana Pay pilots to confirm the ambition. Execution, not the signing, will decide how much this partnership delivers.
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