- RedotPay launches crypto cards in Korea, shaking up payment norms.
- All Korean Visa merchants now accept RedotPay’s crypto debit cards.
- RedotPay supports BTC, ETH, USDC, and USDT for seamless spending.
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. Currently, most payment exercises in South Korea are conducted under the watch of traditional credit card corporations and online payment systems.
RedotPay Crypto Cards Now Accepted at All Visa Merchants in Korea
The Korea Economic Daily, reporting on May 9, said that all stores and restaurants in South Korea that accept Visa now also accept RedotPay’s crypto debit cards. Consequently, cardholders are able to use this feature either through a physical card or an iteration via the virtual world.
In recent times, RedotPay has launched its official Korean site seeking to serve Korean users better. The company is concentrating on the speed of its expansion in South Korea. Most people in the nation use mobile payments, and interest in cryptocurrencies is still high. More than 16 million South Koreans currently have cryptocurrency accounts among a total population of 52 million, according to a report by 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 the social media outlets. This shows rising excitement on the part of Korean consumers. RedotPay is leveraging South Korea’s open embrace of novel financial services and the nation’s tech-savvy users.
Additionally, RedotPay’s cards are now available on Apple Pay in Seoul’s markets. This is important because Apple Pay can only be accepted in the Hyundai Card in Korea at the moment. With the RedotPay platform, users can sync their cards and pay within retail destinations in the same manner that one would with a regular payment card. The adoption of RedotPay cards can threaten mobile payment platforms as well as the traditional credit card market.
RedotPay Supports BTC, ETH, USDC, and USDT Payments
The company was established in 2023, with blockchain being its main technology to deliver improved crypto payment services. The alliance between RedotPay and Visa, and StraitsX was announced earlier this year, to increase access to its card products abroad. Since its gentle launch in late 2024, the card program has registered over 4 million customers globally.
The RedotPay card supports several cryptocurrencies. The stablecoins such as Bitcoin, Ethereum, USDC and USDT are supported. The company also accepts deposits from other lead networks: Solana, Polygon, Tron, and Arbitrum. The Korean users can easily retrieve the card by passing simple personal details such as name, birth, address, and that of ID card.
Using the stablecoins, the users are able to make the dollar purchases directly and without being charged on currency conversions. This ability may help improve the experiences for both travelers and the online shippers in a meaningful manner. 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; this 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 emphasizes a distinct pattern toward crypto for daily monetary transactions. The rise in blockchain-based adoption could cause significant competition for old payment firms shortly.
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