South Korea’s 7-Eleven Embraces Central Bank Digital Currency in Pilot Program
In a groundbreaking move, South Korea’s 7-Eleven convenience stores have started accepting the Bank of Korea’s central bank digital currency (CBDC) as part of an innovative pilot program that will run until June. This initiative is part of the “Hangang Project,” which aims to explore the practical applications of digital currency in everyday transactions.
Customers with accounts at one of seven participating banks, including Kookmin, Shinhan, and Woori, can conveniently make purchases by scanning a QR code from their digital wallets at checkout. This process mirrors the functionality of popular mobile payment applications, providing a seamless shopping experience, as reported by the local news outlet Enews Today.
To incentivize shoppers to engage with this new payment method, 7-Eleven is offering an enticing 10% discount on all products purchased using the digital currency throughout the duration of the trial. This promotional effort not only aims to boost participation but also highlights the retailer’s commitment to embracing modern payment solutions.
Moon Dae-woo, the head of digital innovation at 7-Eleven, emphasized the company’s dedication to exploring new technologies that enhance operational efficiency. He stated, “By participating in this digital currency payment test, we’ve taken another step forward in our journey towards digital transformation.” This pilot program represents one of the first real-world applications of a central bank digital currency in a retail environment in South Korea.
The initiative follows recent remarks by the country’s central bank governor, who noted the “urgency” in the introduction of a CBDC, reflecting a broader global trend toward digital financial solutions.
Disclaimer: Information gathered for this story was translated with the use of artificial intelligence.
