South Korea 7-Eleven stores now accept the digital currency of the Central Bank of Korea (CBDC) as part of a limited-term test which takes place until June.
The company participates in the “Hangang Project” driver of the CBDC. Customers with accounts in one of the seven partner banks – including Kookmin, Shinhan and Woori – can pay items at the cashier by scanning a QR code from their digital portfolio, similar to the number of mobile payment applications, according to the local ENEWS media today.
To encourage participation, 7-Eleven offers a 10% discount on all products when purchased with digital currency during the trial period.
Moon Dae-Woo, head of digital innovation at 7-Eleven, said that the retailer experienced new technologies to improve the efficiency of stores.
“By participating in this payment test in digital currencies, we took another step forward in digital transformation,” he said in a press release.
The pilot is one of the first trials of the real world of a digital currency of the central bank in a retail framework in South Korea. This comes after the governor of the country’s central bank said that there was “urgency” in the introduction of a CBDC.
Warning: The information collected for this story has been translated with the use of artificial intelligence.
