RedotPay, a fintech company based in Hong Kong, has launched its cryptocurrency-enabled payment cards in South Korea. This change is considered to be a fundamental shift that might transform the payment scenario in South Korea.
RedotPay, a Hong Kong-based fintech company, has launched its cryptocurrency-enabled payment cards in South Korea. This move marks a significant shift that could transform the payment landscape in South Korea, which is currently dominated by traditional credit card corporations and online payment systems.
RedotPay Crypto Cards Now Accepted at All Visa Merchants in Korea
As reported by Korea Economic Daily on May 9, all stores and restaurants in South Korea that accept Visa will now also accept RedotPay's crypto debit cards. Cardholders can use this feature either through a physical card or an iteration via the virtual world.
Recently, RedotPay launched its official Korean site to better serve Korean users. The company is focusing on the speed of its expansion in South Korea, where most people use mobile payments and interest in cryptocurrencies is still high. More than 16 million South Koreans currently have cryptocurrency accounts out of a total population of 52 million, according to the National Assembly's Strategy and Finance Committee.
A representative in the Korean payment industry pointed out that many of the RedotPay cards have been distributed through social media outlets, which showcases the rising excitement among Korean consumers. RedotPay is leveraging South Korea's open embrace of novel financial services and the nation's tech-savvy users.
Furthermore, RedotPay's cards are now available on Apple Pay in Seoul's markets. This is noteworthy because Apple Pay can only be accepted in the Hyundai Card in Korea. With the RedotPay platform, users can sync their cards and pay within retail destinations in the same manner as a regular payment card. The adoption of RedotPay cards can pose a threat to mobile payment platforms and the traditional credit card market.
RedotPay Supports BTC, ETH, USDC, and USDT Payments
Founded earlier this year, RedotPay specializes in delivering advanced crypto payment services using its proprietary blockchain technology. The alliance between RedotPay and Visa, and StraitsX was announced earlier this year to increase access to its card products abroad. Since its soft launch in late 2024, the card program has registered over 4 million customers globally.
The RedotPay card supports several cryptocurrencies, including Bitcoin, Ethereum, USDC, and USDT. The company also accepts deposits from other leading networks: Solana, Polygon, Tron, and Arbitrum. Korean users can easily retrieve the card by passing simple personal details such as name, birth, address, and ID card.
Using the stablecoins, users can make dollar purchases directly without being charged on currency conversions. This capability may help enhance the experiences for both travelers and online shoppers in a meaningful way.
According to Kim Yong-beom, CEO of Hashed Open Research, such a system could radically improve both local and global payment systems.
Usage of stablecoins is increasing at a very high rate the world over. The world value of the stablecoins processed through 2024 was estimated at $15.6 trillion, which is what ARK Investment forecasts. This is 119% more than Visa's business and 200% up from Mastercard's.
Traditional payment providers such as Visa and Mastercard are teaming up with crypto firms to launch their own blockchain-powered finances to remain competitive.
Ultimately, the launch of RedotPay in Korea highlights a distinct shift toward crypto for everyday monetary transactions. The surge in blockchain-based adoption could introduce substantial competition for older payment firms in the near term.
input: A Hong Kong-based fintech firm, RedotPay, has launched its cryptocurrency-enabled payment cards in South Korea. This move marks a significant shift that could transform the payment landscape in South Korea, which is currently dominated by traditional credit card corporations and online payment systems.
RedotPay Crypto Cards Now Accepted at All Visa Merchants in Korea
According to a report by Korea Economic Daily, all stores and restaurants in South Korea that accept Visa will now also accept RedotPay's crypto debit cards. Cardholders can use this feature either through a physical card or an iteration via the virtual world.
Recently, RedotPay launched its official Korean site to better serve Korean users. The company is focusing on the speed of its expansion in South Korea, where most people use mobile payments and interest in cryptocurrencies is still high. More than 16 million South Koreans currently have cryptocurrency accounts out of a total population of 52 million, according to the National Assembly's Strategy and Finance Committee.
A representative in the Korean payment industry pointed out that many of the RedotPay cards have been distributed through social media outlets, which showcases the rising excitement among Korean consumers. RedotPay is leveraging South Korea's open embrace of novel financial services and the nation's tech-savvy users.
Furthermore, RedotPay's cards are now available on Apple Pay in Seoul's markets. This is noteworthy because Apple Pay can only be accepted in the Hyundai Card in Korea. With the RedotPay platform
News data source: kdj.com
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