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AI Agent Payments in Korea: 2026 Commercial Use Criteria

The GOAT Network and Squaretech partnership is at the stage of exploring the use of AI agent payments in Korea. This examines differences in announcement dates alongside Korean law and explains the approvals, spending limits, and proof of merchants receiving payments needed for actual use.

Published 2026-10-24 Views 1 17 min read KO EN JA ES

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A restaurant owner in a blue apron talks with a man at a table with a tablet and payment terminal. — Assessing real-world AI agent payments requires checking user authorization, spending limits and proof of merchant receipt.

Key points

The October 14, 2026 company name change disclosure confirms that RN2 Technologies changed its name to Squaretech.
The partnership was reported on October 20, but GOAT Network's original post currently displays October 22 as its date.
An MOU and an event demonstration alone cannot confirm that commercial payments are available at regular merchants.
Registering an agent's identity, obtaining user approval for payments, and enforcing spending limits are separate functions.
Whether the service can be used in practice should be judged by the supported assets and chains and the conditions for merchants to receive payments and issue refunds.

The stablecoin payment partnership between GOAT Network and Square Tech is at the stage of reviewing its application. Public announcements alone do not confirm that commercial payments are available at merchants in South Korea. Payment authorization by an AI agent must also be distinguished from the actual receipt of funds.

The dates and figures below are based on disclosures and announcements from October 2026.

Announcement Dates and the Company Name Change Disclosure

The October 14 company name change and the payment agreement announcement are separate events. The DART disclosure confirms the change in the company's name. It is not a disclosure announcing the launch of a payment service.

Item	What is confirmed	Limits on interpretation
October 14, 2026 DART notice of company name change	Name changed from RN2 Technologies Co., Ltd. to Square Tech Co., Ltd.	Not evidence of a service launch or regulatory approval
Extraordinary general meeting of shareholders on the same day	Approval of partial amendments to the articles of incorporation	Separate from the date corporate registration was completed or the stock name was updated on the exchange
October 20, 2026 TokenPost report	Introduction of the MOU with GOAT Network and the proposed tourist payment program	This is the news report date, which differs from the date currently displayed on the company's original post
Current GOAT Network original post	Displays October 22, 2026 as the publication date	Difficult to independently establish the initial publication date or revision history
October 23, 2026 Byline Network article	The current article text reports that the agreement was signed on October 22	A final cross-check of the signing date requires the original signed agreement

The new English name in the DART notice of company name change is Square Tech Co., Ltd. The stock code is KOSDAQ 148250. The disclosure states that the reasons for the change are entry into new businesses and enhancement of corporate value.

The October 20 report does exist. However, the date currently displayed on the GOAT Network original post is October 22, 2026. October 20 therefore cannot readily be used as the confirmed publication date of the company's original post.

A woman in a plum cardigan checks a receipt beside a tablet on an exhibition counter. — An event demonstration alone does not establish that commercial payments are available at ordinary merchants.

Agreement Parties and the Mobile Passport Proposal

GOAT Network and Square Tech are the central parties in this partnership. DAC Labs is described as a participant providing technical support. Lordsystem is identified separately as a co-developer of the tourist program.

Entity	Role described in public announcements	Points to distinguish
Square Tech	Domestic business development, merchant partnerships, regulatory compliance	A company name change alone does not confer eligibility to operate a payment business
GOAT Network	Provision of AI agent payment technology and a network	Plans to provide technology are separate from operating a service in South Korea
DAC Labs	Technical integration, security reviews, and network operations support	Public descriptions alone make it difficult to establish each signing entity's contractual responsibilities
Lordsystem	Joint development of a tourist program using mobile passports	Insufficient grounds to conclude that it is a direct signatory to this MOU

The proposal involves paying with dollar stablecoins after mobile passport authentication. The parties are considering how to connect AI agent functions to this process. These roles and development stages are also described in the report on the agreement.

The Lordsystem company profile describes its history in the mobile passport business. That history does not prove that this payment program has launched. The scope of the existing identity verification service must be distinguished from that of the new payment functions.

How Do an MOU, a Demonstration, and Commercialization Differ?

An MOU is an agreement to cooperate, while the actual availability of payments is assessed through evidence of operation. The legal enforceability of an agreement depends on its individual provisions. Its title alone is not grounds to conclude that it creates no obligations.

Stage	Meaning	What is confirmed for this partnership	Evidence needed next
MOU and application review	Stage of defining the direction of cooperation and each party's role	Announcement of a review of application in South Korea	Specific service scope and responsible entities
Demonstration and pilot testing	Stage of testing operation in a limited environment	According to GOAT's own announcement, 310 purchases over two days at its KBW 2026 booth	Test conditions, whether real funds were used, and receipt and refund records
Commercial service launch	Stage at which specified users use the service under its terms	No launch date or terms of service could be confirmed in the announcements reviewed	Launch notice, operating terms, and customer support channels
Actual merchant payments	A state in which order payments are processed normally at specific stores	No store-level evidence of acceptance or settlement could be confirmed for this program	Merchant list, order receipts, and receipt and settlement records

The number of purchases at the event is a figure announced by the company. It is not independently verified commercial transaction volume in South Korea. Conversely, a lack of public evidence does not mean that no development activity has taken place.

Items not yet confirmed	Why they are needed for actual use
Launch date and tourist eligibility requirements	To determine whether registration and use are actually available
Supported stablecoins and token addresses	To distinguish them from other assets with similar names
Payment chain and operating environment	To distinguish test networks from networks where real funds move
Participating merchants and compatible payment terminals	To confirm acceptance at a specific store
Settlement structure in Korean won or coins	To confirm what merchants receive
Fees, exchange rates, and refund conditions	To assess total costs and the amount returned upon cancellation
Licensed or registered operators and their scope of work	To confirm who handles funds and under what authorization

“Not confirmed” in this table refers to the scope of the public documents reviewed. It is not a judgment on all stablecoin businesses in South Korea. Availability at a specific store must be checked with the relevant service operator.

How Do Prior Authorization and Spending Limits Work?

Identity verification is different from permission to make a payment. An agent's identification number cannot replace user authorization either. Moving real funds requires a defined scope of authorization and a mechanism to enforce it.

The ERC-8004 technical document covers agent identity, reputation, and validation. The document reviewed has Draft status. It explicitly states that payments are outside the scope of the standard.

Example of a Tourist Ordering a Meal

Even when an agent is asked to order a meal, payment conditions must be set separately. The following is a hypothetical scenario explaining the principle. It does not mean that these features have already been implemented in this program.

Confirm the food to be ordered and the seller.
Specify the asset and payment network to use.
Check the order amount and any separate fees.
Set the authorization validity period and permitted spending scope.
The payment system checks the authorization conditions.
After payment, cross-check the order receipt against the fund transfer record.

The ERC-3009 technical document describes signed transfer authorizations. Authorization information includes the recipient address and amount. It also includes a validity period and a value that prevents reuse.

A daily cumulative limit is separate from an individual transfer authorization. A mechanism is needed to add up spending across multiple orders. If you have only told the AI a limit in conversation, check whether that limit is actually enforced.

Situation	Required control
The price of an authorized order changes	Reauthorization of the changed amount
The same order is submitted more than once	Duplicate prevention using the order number and authorization value
Individual orders are small, but cumulative spending grows	Checks against cumulative limits for each period
The authorization period ends	Blocking execution of expired permissions
Delegation is revoked	Revocation of permissions before use and confirmation that it has taken effect

Revoking authorization is also separate from refunding a completed payment. Revocation stops permissions from being used in the future. Refunds for completed orders follow the seller's and payment operator's refund procedures.

USDC, Chains, and Evidence of Merchant Receipt

The phrase “dollar stablecoin” alone does not confirm support for USDC. USDC is one type of asset designed to track the value of the dollar. It is used here as an example to explain how payments work.

Circle's USDC address documentation lists asset addresses by chain. Assets with the same display name may differ in issuance type and network. The documentation explains that testnet USDC is not backed by real dollars.

Item to check	Plain meaning	What to verify
Asset type	What is being sent	Issuer and exact token address
Chain	Which payment network is used	A network supported by both the seller and the wallet
Issuance type	Whether it is a directly issued asset or a representation used for transfers	The difference between native USDC and bridged assets
Recipient address	Who receives the funds	The address designated by the seller or settlement provider
Transaction identifier	Which transfer it is	Success status, asset, amount, and recipient address
Proof of order	What was purchased	Order number, store name, and payment authorization receipt
Proof of settlement	What the merchant received	Records of coin receipt or Korean won deposits

Coinbase's x402 documentation distinguishes authorization verification from actual settlement. This documentation serves as a reference for understanding payment structures. It does not prove the specific implementation adopted by this program in South Korea.

For example, a tourist may send coins to a settlement provider. The provider may then pay Korean won to the merchant. In that case, the coin transfer record alone cannot prove that settlement in Korean won has been completed.

Alternatively, a merchant may receive coins directly. In that case, receipts at the designated address must be linked to the order. A successful blockchain transfer does not automatically prove that goods were delivered.

What to Check Under South Korean Law

Relevant laws must each be reviewed against the actual business structure. A compliance plan in an MOU is not a government approval document. The laws below are summarized based on the official government texts in force on the date checked.

Law or regulation	Version checked	Relevant scope of review
Electronic Financial Transactions Act	Version effective October 2, 2026	Electronic financial business activities subject to licensing or registration, and exceptions
Act on the Protection of Virtual Asset Users	Version effective October 2, 2026	Protection of user assets and regulation of unfair trading
Act on Reporting and Using Specified Financial Transaction Information	Version effective October 2, 2026	Reporting requirements when an entity qualifies as a virtual asset service provider
Foreign Exchange Transactions Act	Version effective January 2, 2026	Cross-border transactions and methods of payment and receipt
Foreign Exchange Transactions Regulations	Version effective September 16, 2026	Reporting requirements and exceptions by payment method

What Does Electronic Financial Business Registration Mean?

Licensing and registration requirements for electronic financial businesses vary depending on the work performed. Electronic payment gateway services are among the activities subject to registration. The law also provides exceptions for financial companies and certain activities.

Article 28(2) of the Electronic Financial Transactions Act states:

② A person who intends to conduct any of the following activities shall register with the Financial Services Commission.

This is part of the main text of Article 28(2). When applying it to a particular business, the proviso and registration exceptions must also be checked. Whether an existing registration covers the entire new payment structure is a separate question.

Does the Virtual Asset User Protection Act Approve Payments?

The Virtual Asset User Protection Act is not an approval document for a specific payment service. Article 7 sets out requirements including the separate custody of user assets. It should not be read as a guarantee of a particular coin's price or a system's security.

Reporting requirements for service providers are addressed under a separate law. Article 7 of the Act on Reporting and Using Specified Financial Transaction Information provides the legal basis. Its application must be assessed based on the actual activities, such as custody, trading, and transfers.

Do Foreign Exchange Regulations Apply to Tourist Payments?

Foreign exchange regulations must be reviewed based on the flow of funds and the parties to the transaction. Article 16 of the Foreign Exchange Transactions Act provides reporting requirements for certain methods of payment and receipt. The law also provides for reporting after the fact and exceptions to reporting requirements.

The Foreign Exchange Transactions Regulations set out the details. Article 5-10 covers third-party payments and related matters. Article 5-11 covers payments made without going through a foreign exchange bank and related matters.

It therefore cannot be concluded that every coin payment by a tourist requires reporting. Conversely, an asset's dollar peg does not mean that reporting is exempt. This is a matter to check with the relevant authorities or a foreign exchange bank once the settlement structure has been defined.

Comparing Mobile Passports, Cards, and USDC

A mobile passport serves an identity verification function, so its role differs from that of a payment method. It can be used alongside card or coin payments. Even if they are in the same app, distinguish the terms of use for each function.

Item	Mobile passport	Fiat-based card	USDC payment
Basic role	Identity verification based on passport information	Payment through a card network	Asset transfer on a supported chain
Potential convenience	Mobile authentication at participating partners	Use of an existing card at supported stores	Use of assets already held if the recipient supports them
Conditions for use	A passport that can be authenticated and a participating partner	Card issuer approval and store acceptance	Matching asset, chain, and recipient address
Main costs	Check the terms of use for each service	Exchange rates, foreign transaction fees, and currency conversion costs	Costs related to acquisition, transfer, currency exchange, and settlement
Cancellations and disputes	Issues involving authentication data handling and withdrawal of consent	Store and card issuer cancellation and dispute procedures	Check the seller's and operator's refund procedures
Remaining limitations	Cannot be assumed to replace a physical passport everywhere	Foreign cards may be declined	Transfers to the wrong address, network mismatches, and redemption conditions

The LORDPASS terms describe passport-based authentication. They also set out the conditions for providing authentication information to partners. These terms cannot substitute for the terms of a new stablecoin payment service.

Card costs may also vary depending on the displayed currency. Visa's DCC guidance explains the disclosure of exchange rates and additional costs. At stores in South Korea, compare the conditions for paying in Korean won with those for paying in your home currency.

USDC does not eliminate currency exchange or refund costs either. The Circle terms impose conditions on direct redemption, including account eligibility. They also state that USDC transactions cannot be reversed once transferred.

Common Misconceptions and Verification Limits

Technical feasibility and service availability to users must be verified through different evidence. The counterpoints below are assessment criteria drawn from public documents. They do not mean that illegal conduct or an incident at a specific company has been confirmed.

Common interpretation	Counterpoints and limitations to check
It has been demonstrated, so it can be used to pay in stores immediately	Evidence of actual store acceptance and proper settlement is needed
It uses ERC-8004, so payments are secure	The standard does not directly cover payments and provides no guarantee against malicious behavior
Its mobile passport business history means payment approval is complete	The scope of the existing identity verification business differs from that of the new fund-handling activities
It is dollar-pegged, so its Korean won price is fixed too	The converted Korean won amount and applicable fees are separate matters
Transaction records are public, so personal information is safe too	The scope of public records and the possibility of linking them to individuals require separate review
An agreement means returns on stocks or tokens	Separate business results are needed to verify revenue, costs, and profit

Agent identification may help trace responsibility. However, it does not automatically prevent incorrect orders or misuse of permissions. The security discussion in ERC-8004 also does not guarantee that registered functions will operate correctly.

A security review plan must also be distinguished from a completed review report. When reading a report, check the version reviewed and the scope of the assessment. A description of network security alone is not enough to assess the entire wallet, app, and settlement system.

Checklist Before Actual Use

Check availability for the specific service and store you intend to use. The payment screen alone makes it difficult to understand the settlement structure. You can ask about the following items before making any actual transfer.

Check the operating legal entity and official launch notice.
Check the eligible nationalities, passports, and phone number requirements.
Check whether the store you intend to use accepts that payment method.
Check that the asset name, chain, and token address match.
Check the scope of user authorization and cumulative spending limits.
Check the fees and applicable exchange rate.
Check what asset the merchant receives and the criteria for completed settlement.
Check the contact point for payment failures, duplicate charges, and refunds.
Check the scope of passport information collection, storage, and sharing.
Check whether you can keep the order number linked to the transaction identifier.

Verification Dates and Document Scope

The source documents were checked on October 23, 2026. The information cutoff date for this article is October 24, 2026. Subsequent changes to launches, terms, or regulatory approvals must be checked again.

Corporate disclosure: The body of the company name change notice under DART receipt number 20261014900497 was reviewed.
Corporate announcements: GOAT Network's current post and Lordsystem's company profile and terms were reviewed.
Date cross-check: The October 20 report was distinguished from the current text of the October 23 article.
Technical documents: ERC-8004, ERC-3009, Coinbase x402, and Circle documents were consulted.
Laws: The relevant versions in force and provisions available through the National Law Information Center were reviewed.
Verification limits: The full signed MOU and actual merchant settlement records could not be reviewed.
Scope of actual use: This article does not present findings from making payments directly or conducting a security audit.

FAQ

Can I use GOAT Network and Squaretech payments in stores now?

This cannot be confirmed from the public announcements reviewed. You need to check the official launch announcement and whether the store accepts these payments.

Was the agreement announced on October 20, 2026?

There are media reports dated October 20. The original GOAT Network post currently shows October 22. The media reporting date, the company's posting date, and the date the agreement was signed must be distinguished.

Is Squaretech the same company as RN2 Technologies?

You can check the names before and after the change in the October 14 company name change notice on DART. The new Korean corporate name is Squaretech Co., Ltd.

Is Lordsystem also a direct party to this MOU?

Public descriptions identify it as a co-developer of the tourist payment program. The full text of the signed agreement has not been reviewed, so it cannot be definitively identified as a direct signatory.

Does an MOU have no legal effect at all?

You cannot judge by the title alone. Individual provisions, such as confidentiality clauses, may be binding. However, signing an MOU does not itself mean that a consumer service has launched.

If I verify my identity with a mobile passport, can AI make payments?

Identity verification and payment authorization are separate. You need to check the scope of authorization, including the assets to be used, the recipient, the amount, and the validity period.

Does ERC-8004 automatically enforce spending limits as well?

ERC-8004 is a standard covering agent identification, reputation, and validation. Payments and cumulative spending limits require separate implementation.

Does this program support USDC?

The announcements reviewed describe a plan involving dollar stablecoins. Specific support for USDC, as well as the chain and token address, has not been confirmed.

If a blockchain transaction succeeds, does that mean the merchant has received the money?

It depends on the receiving address and the settlement structure. If the settlement provider receives coins and then pays out Korean won, the merchant's deposit records must be checked separately.

Does the Virtual Asset User Protection Act guarantee payment safety?

It cannot be interpreted that way. Obligations to protect users' assets and the security of a particular payment system are separate matters.

Do foreign tourists have to report every coin payment as a foreign exchange transaction?

There is no single answer that applies to all cases. The applicable rules and exceptions vary depending on the parties to the transaction and the payment method. You need to check based on the specific settlement structure.

If I have a mobile passport, do I no longer need a physical passport?

You cannot assume it replaces a physical passport everywhere. Check the extent to which the institutions and stores you plan to use accept it.

Is USDC always cheaper than a card?

You cannot make a judgment without total cost data. You need to compare asset acquisition, transfer, currency conversion, and settlement costs with the card's exchange rates and fees.

If I cancel the payment authorization, will the USDC I already sent be returned too?

Canceling an authorization is different from refunding a completed transfer. For orders that have already been processed, you need to check the merchant's and operator's refund procedures.

Can I expect returns from companies participating in the agreement or from related tokens?

You cannot assess investment returns based on the agreement alone. Separate data is needed to verify service performance, costs, and profits. Holding USDC itself does not generate interest either.

Sources

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Verification

This article was drafted with AI and then reviewed and edited by a person.

Reviewed by 신익희 · 편집장 · 2026-10-24

Figures in this article were checked against the source material during generation. · 2026-10-24

This translation has been cross-checked by AI. · 2026-10-24

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AI Agent Payments in Korea: 2026 Commercial Use Criteria

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