According to new industry data, Korean retail chains and their customers are embracing cryptocurrency and blockchain-based payments.
Crypto payments shooting up in South Korea
South Korean capitalists have been longing to invest in digital assets and cryptocurrency markets. According to 2021 survey data, 40.4% of 1,855 workers who were interviewed noted that they had put their money in cryptocurrency. Surprisingly, about half of South Korean workers aged 30 years to 39 years had invested in cryptocurrencies.
According to Kookmin Ilbo, cryptocurrency transactions have risen by 136.6% in the last year at CU, one of the giant convenient stores in Japan. However, these are the only numbers provided by the report.
CU, managed by BFG retail business groups, allows many crypto payment options by its customers, including Danal’s Paycoin and Chai’s Chai Pay. Paycoin uses a self-titled token paycoin (PCI).
Customers can make payments at several affiliated online and offline stores using the Paycoin payment app on their mobile phones. Since June 2021, customers can convert Bitcoin to Paycoin using the app and use it for payment.
Signing Partnerships
Danal, one of the largest payment companies in South Korea, made a big hit with the tokens. A few days ago, it signed a partnership agreement with Tom and Toms, one of the leading coffee store chains in South Korea.
It aims to provide customers in the 400 Tom and Toms outlets in South Korea with a comprehensive blockchain-based virtual asset payment experience.
Danal also makes transactions with other giant retailers such as Tom and Toms rivals Ediya Coffee and Hollies. Also international chains like King Burger and Domino’s pizza. The newest partners include Grill Giant and the cinema chain CGV.
According to a press release issued to journalists at the end of last month, Danal is eyeing an expansion of the world market. It reports that 100,000 South Korean traders can now make BTC payments. The company also plans to expand its usability to include Etheruem (ETH) and ICON (ICX).
Danal launched a new service plan to allow BMW automobiles to be purchased using Paycoin (PCI) in its new relationship with Samchully Motors, the luxury automotive line’s local dealer.
Apart from Danal and Chai’s partnerships, CU also allows customers to trade their loyalty points for milk tokens (MLKs). Upbit, the market-leading crypto exchange, and Bithumb listed MLK.
An anonymous retail industry insider stated to the same media outlet: “As the public’s interest in cryptocurrency and its value increases, the number of people using crypto in real life is gradually increasing.”
