An image by Hana Financial Group on the its plan to strengthen digital asset ecosystem and global cooperation drive / Courtesy of Hana Financial Group
Hana Financial Group Chairman Ham Young-joo / Corutesy of Hana Financial Group
Hana Financial Group has partnered with global digital asset firmsCircleand Crypto.com to promote stablecoin-based payments for foreign visitors in the country, the group said Thursday.
It is the latest effort by Hana to test real-world use cases for digital assets in the payment ecosystem here, part of a broader strategy to better prepare for theinstitutional bank-led adoption of won-denominated stablecoins.
The initiative led by the group’s card subsidiary, Hana Card, will enable foreign customers visiting Korea to use stablecoin-mediated payment cards at local merchants.
The program will involve U.S. dollar Coin (USDC), a dollar-backed stablecoin issued by Circle. One USDC is valued at one U.S. dollar.
It will also give 5 percent cashback to foreign customers who hold a Crypto.com Visa card when they pay with it at participating merchants in Korea.
Cardholders who have a balance or recharge history in USDC will be eligible.
Hana said the program is designed to give inbound visitors experience with digital asset payments, while helping merchants tap into new demand from crypto users.
It also plans to evaluate the practical value and consumer demand for crypto-mediated payments within Korea’s card infrastructure.
Source: Korea Times News
