Stablecoins Enter the Public Transportation Scene

In a groundbreaking move, foreigners visiting Korea will soon have the option to pay for public transportation using stablecoins such as Tether (USDT) and USD Coin (USDC). This initiative marks a significant step towards the integration of cryptocurrency into daily transactions.

Partnership Paves the Way for Crypto Payments

Crypto.com has teamed up with Korean value-added network provider KSNET to launch this innovative payment solution. Starting with a pilot program in Jeju Island in the fourth quarter of this year, the service aims to expand to other regions. Notably, this service is exclusively available to foreigners, following the restriction on new Crypto.com card issuances in Korea since November 2023.

How It Works

The Crypto.com card functions as a prepaid Visa card, enabling users to load stablecoins for use at any Visa merchant. Similar to Hong Kong’s Litdotpay card, it offers a seamless experience from purchasing cryptocurrencies to making payments. With the auto-reload feature in the Crypto.com app, users can automatically convert their crypto assets to fiat currency, streamlining the payment process.

Introducing Crypto.com Pay

Adding to the convenience, Crypto.com is also rolling out Crypto.com Pay, allowing users to make stablecoin payments by scanning QR codes at KSNET merchants. Settlements are made in dollars, with merchants having the flexibility to receive payments in either won or dollars. This approach significantly reduces the fees associated with cross-border payments by cutting out intermediary steps.