According to new business data, South Korean retail businesses are adopting crypto and blockchain-powered payment systems, as well as their customers.
According to the Kookmin Ilbo, there was a 136.6 percent increase in the number of crypto- and blockchain-powered pay transactions at CU, one of Korea's largest convenience store chains, throughout the previous year. However, no additional statistics were disclosed in the report.
Both Danal's Paycoin platform and Chai's Chai Pay are accepted by CU, which is run by the BGF Retail business group.
Paycoin is a cryptocurrency that takes its name from its eponymous token, paycoin (PCI), which is exchanged on sites like Coinbase. Users may make real-time transactions using an app and trade cryptocurrencies for bitcoin (BTC) or make purchases with bitcoin.
Danal has a hit app and token, and it recently sealed a deal with one of South Korea's biggest coffee shop chains, Tom n Toms.
Danal also has partnerships with a slew of other big-name retailers, including Ediya Coffee and Hollys, as well as international chains like Burger King and Domino's Pizza. The takeaway and delivery chicken company BBQ is also a recent collaborator, as is the cinema chain CGV.
Danal is now looking to expand its operations worldwide, according to a press release sent to journalists late last month. It also said that it intends to include other protocols such as Ethereum (ETH) and ICON (ICX).
A collaboration with Samchully Motors, a South Korean BMW dealership, will also enable app users to purchase high-end automobiles with crypto.
Chai has already obtained USD 60 million from investors such as SoftBank last year.
In addition to its Danal and Chai relationships, the chain also enables consumers to trade their loyalty points for milk (MLK) tokens. The market-leading crypto exchange Upbit listed MLK's earlier this year, and it is likewise available at Bithumb.
According to a business source, a retail industry insider stated, “As the public’s interest in cryptocurrency and its value increases, the number of people using [crypto] in real life is gradually increasing.”