South Korean 7-Eleven Branches to Accept CBDC Payments from June

Last updated:

Author

Tim Alper

Author

Tim Alper

About Author

Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked…

Last updated:

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas – from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

All South Korean 7-Eleven Branches to Accept CBDC Payments from June

The convenience store giant 7-Eleven has announced that all of its South Korean branches will begin accepting the nation’s CBDC as payment starting in June.

Per Enews Today, the firm is the latest to step up its involvement in the Bank of Korea (BOK)’s digital won pilot.

7-Eleven: CBDC Adoption Expands

The retail giant is the only convenience store chain currently working with the BOK. The bank is currently stepping up its “real-world transaction experiment.”

A 7-Eleven store in Seoul, South Korea.
A 7-Eleven store in Seoul, South Korea. (Source: Baribandi [CC BY-SA 2.0 kr])

The stores will allow digital won holders to pay at tills using QR codes from their CBDC wallets.

Some 100,000 South Koreans are now making CBDC payments using wallets from the BOK’s seven commercial banking partners: Kookmin, Shinhan, Woori, KEB Hana, Industrial Bank (IBK), Nonghyup, and Busan Bank.

The convenience store chain is also planning to incentivize pilot participants’ spending in-store with promotional events.

7-Eleven said it would offer all CBDC-paying customers a “10% discount on all products” when making payments “during the pilot period.”

Moon Dae-woo, the head of 7-Eleven’s digital innovation department, was quoted as explaining:

“We are making efforts to operate our stores more efficiently using next-generation digital technology. Joining the digital fiat pilot has allowed us to accelerate our digital transformation plans.”

Banks have also been rushing to promote the CBDC among their customer bases. This week, Busan Bank, the only local bank to join the pilot thus far, announced a raffle for its customers selected to join the CBDC pilot, with the winners to be awarded prizes including smartphones, smart watches, and coffee shop coupons.

Outside a branch of Kyobo Bookstore in South Korea.
Outside a branch of Kyobo Bookstore in South Korea. (Source: Michaela den [CC BY-SA 3.0])

Other high-street commercial retailers who have joined the pilot in recent weeks include Kyobo Bookstore, the supermarket chain Hanaro Mart, and Ediya Coffee.

E-commerce companies and online retailers including Hyundai Home Shopping, Danggyeoyo, and Cosmo have also begun piloting digital KRW payments.

You May Also Like