Blockchain News

South Korea to offer crypto payments at 6000+ outlets


Yes you heard it right, the Kimchi – loving country is now turning in a ‘Crypto ‘– loving country.

A major South Korean cryptocurrency exchange – Bithumb and a common mobile payment service provider Pay’s have joined hands to make thousands of stores across South Korea, cryptocurrency friendly.

Within the next six months, they aim to reach their target of 6,000 outlets and plan to make 800,000 outlets crypto-friendly before the start of 2019.

The Bithumb platform generates about $642.4 million in trading volume. Its strong tech infrastructure made it a stable choice for such a step. Pay’s has a wide reach across 8,000 stores and 200 franchises. Pay’s popularity and Bithumb’s technology prowess might be key in bringing cryptocurrency payments into the mainstream society and make South Korea a crypto friendly nation.

The two companies are basically going to create a national economic environment wherein cryptocurrency is widely used, according to an official who told the Korean Times.

The partnership between two big companies is likely to go a long way in instilling confidence among South Koreans. This will in turn motivate more people to adopt a new payment method – cryptocurrencies.

The effort to foster a reliable cryptocurrency payment ecosystem is common in other parts of the world as well. In Japan, where a number of retailers have begun accepting cryptocurrencies, Bitcoin has become a regular and common method of payment.

In Australia, a similar partnership between a domestic cryptocurrency exchange giant – ‘Bitcoin Australia’ and a popular Payment Service Provider- ‘Blueshyft’ has seen more than 1,200 newsstands across the country now equipped to sell Bitcoin and Ethereum to anyone wishing to purchase some.

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