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Cryptocurrency payments on the rise in South Korea

Crypto payments on the rise in South Korea

Retail chains are taking advantage of introducing additional payment methods, just now in the form of crypto. In the last 12 months, South Korea has seen a 136.6% increase in the number of transactions taking place on the blockchain and in crypto at one of the biggest retail chain’s (CU).

CU is operated by BFG Retail Business Group and accepts multiple crypto-related payment methods. These methods include Chai’s Chai Pay and Danal’s Paycoin platform.

Paycoin (PCI) trades on popular platforms including Coinbase, allows users to make real-time exchanges via an app as well as allow for the trade of Bitcoin (BTC).

Danal has increased in popularity significantly, as it recently struck a massive partnership deal with Tom n Toms, one of South Korea’s biggest coffee store chains. This is just one additional big player that forms part of numerous big partners they have including Ediya Coffee and Hollys, as well as international chains like Burger King and Domino’s Pizza.

These are exciting movements in the crypto space, which give us reason to believe that the number of people who will incorporate the daily use of crypto will continue to increase.

About the author, Leyla Ozturk

Leyla Ozturk, lifelong learner currently immersed in the digital world and the way businesses can step into this world. Deeply fascinated by blockchain, cryptocurrency and the whole Fintech ecosystem. All 3 areas have proven that there are issues within the system, there are ways to improve the system and this disruption is needed for economic growth and improvement.

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