According to the cryptocurrency industry on Friday, RedotPay’s crypto debit cards are now available for use in Korea.“I have noticed that a considerable number of Koreans have RedotPay cards issued through social media platforms,” said an official from the payment market.“Given Koreans’ relatively more open attitude toward cryptocurrencies and their familiarity with mobile payment services, the company appears to be seeking to expand its business in Korea.”Korea is one of the most active countries in the global cryptocurrency retail market, with over 16 million people holding crypto accounts in a population of nearly 52 million, according to data from the National Assembly’s Strategy and Finance Committee.
Local payment gateway (PG) companies and fintech startups developing foreign exchange services could also take a hit from the services.“The stablecoin-based card allows its users to possess and spend US dollars without paying exchange fees,” said Kim Yong-beom, chief executive officer of Hashed Open Research, a Korean policy think tank exploring the impact of technology development on social changes.“This could upend the payment market at home and abroad.”According to global asset manager ARK Investment, the annualized global transaction value of stablecoins hit $15.6 trillion in 2024, about 119% and 200% that of Visa and Mastercard, respectively.
RedotPay, a Hong Kong-based blockchain fintech company, has arrived in South Korea with its cryptocurrency-based credit card service, poised to disrupt the country’s payment market, tightly controlled by traditional credit card companies and mobile payment services.
The story "RedotPay lands in Seoul with crypto cards" has 649 words across 26 sentences, which will take approximately 3 - 6 minutes for the average person to read.
Which news outlet covered this story?
The story "RedotPay lands in Seoul with crypto cards" was covered 11 hours ago by Korea Economic Daily, a news publisher based in South Korea.
How trustworthy is 'Korea Economic Daily' news outlet?
Korea Economic Daily is a fully independent (privately-owned) news outlet established in 1964 that covers mostly economy news.
The outlet is headquartered in South Korea and publishes an average of 6 news stories per day.
It's most recent story was published 12 hours ago.
What do people currently think of this news story?
The sentiment for this story is currently Positive, indicating that people regard this as "good news".
How do I report this news for inaccuracy?
You can report an inaccurate news publication to us via our contact page. Please also include the news #ID number and the URL to this story.
