Following global companies such as Tesla, PayPal, and WeWork, virtual asset payments get acceptance in Korea
Delio, a Korean crypto finance company specializing in DeFi (CEO James Jung), announced on the 21st that it has launched a bitcoin checkout service in a partnership with Galaxia Moneytree, a local digital payment provider. The service has been opened on the Moneytree platform on April 21st. With Moneytree app, consumers can use their BTC holdings to pay at thousands of merchants, including some of the biggest local convenience stores, such as CU and GS25, and at Moneytree affiliated coffee chains, such as Hollys Coffee.
Galaxia Moneytree is a subsidiary of Hyosung Corporation and a fintech company that supports electronic payment, O2O business, and provides lifestyle finance services.
Bitcoin payment is now available for anyone who has signed up for Delio and Moneytree. Proceeding with the payment, users will have to open a 'Bitcoin Payment' tap in their Moneytree app and scan the barcode. The price of bitcoin applied at the time of the payment is based on the BTC price of Bithumb Exchange.
Overseas, PayPal, a global electronic payment service, announced the start of cryptocurrency checkout service in March, followed by Elon Musk’s Tesla, which announced that it will now also support Bitcoin payments.
An official from Delio added, “Digital payment with the use of virtual assets such as bitcoin has a potential to significantly reduce the transaction costs, for example, eliminate the card fees. Crypto payment service is a novel concept to the Korean market, but as other digital payment methods have quickly emerged and took a lead in the past, a new payment method that uses bitcoin and potentially other digital assets will find its’ niche and solve some inefficiencies that existing payment methods could not tackle.”
“The Bitcoin checkout service we launch with Delio can be used at any time, including payments at major convenience stores and cafes,” said an official of Galaxy Moneytree. “We hope that a bitcoin checkout service we launch will become a tipping point to popularize crypto asset payment services.”
Source: Financial News, Seolyoung Lee