South Korea’s BC Card Enables Stablecoin Payments for Foreigners at Local Merchants
BC Card, South Korea’s largest payment processor, has a 2-month pilot program that allows overseas visitors to pay for excellents at local stores using stablecoins. The project, late on Tuesday, shows that it is possible to use cryptocurrencies for routine transactions without disrupting current merchant systems.
The experiment, conducted with the assist of blockchain company Wavebridge, international digital wallet provider Aaron Group, and cross-border remittance operator Global Money Express, allowed users from other countries to convert stablecoins in linked wallets into digital prepaid cards.
These cards could then be used at local cafes, grocery stores, and other places that accept QR code payments, much like regular card purchases.
BC Card it clear that the program was not just a technological test but also a planned step toward a future stablecoin payment system. The company has also applied for a patent for real-time stablecoin payment technology, the first of its kind in South Korea.
This system accurately calculates how much to withdraw from digital wallets to account for price changes during transactions.
Vision for Leadership in Stablecoin Integration
Choi Won-seok, the president of BC Card, talked about how the technology could change things. He said at a news conference later than the patent was filed, “Stablecoins are ‘a powerful paradigm that can transform existing payment processes.'”
He also said that the corporation is dedicated to developing new ideas: “As the operator of Korea’s largest payment network, BC Card will lead efforts to make it simple for people to use stablecoin payments anywhere.”
Choi said that the plan is still based on the current infrastructure: “BC Card is based on a card payment infrastructure and is in conformity with the legal and institutional context in the country. We will work on a stablecoin payment model in steps.
The pilot adds flows to BC Card’s existing card approval and settlement infrastructure. This ensures that merchants and customers have the identical experience with stablecoin payments as with regular card payments.
This seamless bridge is useful for cross-border payments. It builds on BC Card’s earlier agreement with Bangkok Bank in July for real-time QR payments between and South Korea.
The Rules and Future Outlook
The pilot is happening at the identical time as talks in South Korea over the planned Digital Asset Basic Act, which would outline rules for issuing and regulating stablecoins.
The main point of contention is who owns what. The Bank of Korea wants commercial banks to own at least 51% of issuers, while the and some MPs wish to allow fintech and blockchain companies to own a broader share.
Ahn Do-geol, a member of the ruling , spoke out against measures that would limit options: “It is also hard to find examples in global law where institutions from a specific sector are required to hold a 51 per cent stake.” He went on to say, “Issuers should be chosen based on their ability to promote innovation, not on the type of institution they are.”
BC Card has set up an internal team to monitor stablecoin trends in both the US and around the world, even though they are late in submitting draft filings to regulators. The corporation wants to work more closely with crypto-related groups to build a “Korean-style stablecoin payment infrastructure” that adapts to evolving rules.
As South Korea becomes a leader in , this successful experiment shows that traditional players are increasingly willing to use stablecoins, especially to make it easier for international tourists. At the identical time, regulators work to clarify the rules.
The project shows that BC Card is taking the lead in a field where new ideas often move quicker than official rules.
