Two South Korean blockchain fintech companies—Terra and Chai—have signed Tuesday a partnership agreement to use blockchain in payment services.

Chai provides easy-to-use payment services, with fees lower than 2-3 percent merchants charge. The service is available at Timon.

The two companies would share blockchain-based data, develop blockchain-based products and services and seek ways of lowering payment fees for small and medium-sized companies.

Terra would expand its blockchain-based e-commerce platforms. A Terra spokesman said the partnership would quicken bill settlement and lower transaction fees.