Cryptocurrencies For Payments Over 6,000 Stores to Benefit
Cryptocurrencies For Payments Over 6,000 Stores to Benefit
Bithumb has announced a new partnership with Korea Pay Services in a move meant to promote the use of cryptocurrencies for payments in retail outlets. The partnership will give Bithumb users the ability to use cryptocurrencies to make payments at offline stores.
Korea Pay Services is a mobile payment processor that processes electronic payments for 8,000+ retail outlets in South Korea. It became the first domestic company to provide mobile gift certificates in partnership with over 200 franchises. The partnership will enable Bithumb users to pay for products and services at over 6,000 outlets in the country using the cryptocurrency tokens they hold with the exchange.
Mobile apps will be updated with a barcode which will allow users to make payments using digital tokens held with the exchange. According to Bithumb, South Korea has lagged behind other established cryptocurrency markets such as Switzerland and Japan where virtual currencies are already being used for retail payments.
The exchange is the second largest in South Korea behind Upbit, which is backed by the country’s largest messenger app, Kakao. It plans to continue its mission of popularizing the retail use of cryptocurrencies for payments through more collaborations with strategic partners in the coming months. The pilot phase of the program will include over 5,000 stores. The number is expected to rise to over 8,000 stores by the end of the year.
Some of the popular stores where the service will be available include Yankee Candle, DROPTOP, seafood chain Todai, and Sulbing, one of Korea’s most popular dessert shops with over 450 locations.
Cryptocurrencies For Payments Over 6,000 Stores to Benefit
Reviewed by mir khaleq ali
on
07:04
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Reviewed by mir khaleq ali
on
07:04
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