One of South Korea’s major cities, Seongnam, is expanding its payments program by issuing digital gift certificates on the blockchain. Seongnam’s new offering will be available through a mobile app, with the city seeking to reach the elderly with simplified payment processes. The South Korean city has partnered with the Korea Minting and Security Printing Corporation (KOMSCO) on the project. The new payment system will be acceptable by 45,000 merchants in the city, according to the local newspaper Kyunghyang Shinmun report.
New gift certificates will be available to the residents via the Chak mobile app.
According to the news report, the new gift certificates will be available to the residents via the Chak mobile app. However, unlike existing blockchain-based platforms in the city, the residents will be able to make payments without the need for QR codes. The new payment system will be acceptable by 45,000 merchants, and one-third of these merchants will additionally be able to accept mobile payments using the certificates. The merchants can use existing debit and credit card readers to process the payments, and the resident will then have to input a PIN number provided through the mobile app to complete the payment.
South Korea’s largest bank to offer crypto custody services.
Kookmin Bank, the largest bank in South Korea, is set to offer digital currency custody and management services. KB Bank has partnered with blockchain venture capital firm Hashed and Cumberland digital currency exchange for offering these crypto services. Hashed’s legal compliance officer Jin Kang revealed in a blog post that all the three companies would partner on all things blockchain. He further revealed that the partnership would entail managing and storing digital assets, advocating for optimal regulatory developments, and transforming the traditional financial sector.