South Korea’s 7-Eleven stores are now accepting the Bank of Korea’s Central Bank Digital Currency (CBDC) as part of a limited time trial running in June.
The company participates in the “to project” CBDC pilot. Customers with accounts on one of seven partner’s banks – including Kookmin, Shinhan and Woori – can pay for checkout items by scanning a QR code from their digital wallet, similar to how many users of mobile payment apps, according to the local news outlet Enews now.
To encourage participation, 7-Eleven offers a 10% discount on all products when purchased using digital currency during testing.
Moon Dae-woo, head of digital change in 7-Eleven, said the retail was experimenting with new technologies to improve the store’s efficiency.
“By participating in the test of the digital currency, we have taken another step in the digital transformation,” he said in a statement.
The pilot is one of the first real-world trials of a central digital currency in a retail setting in South Korea. It came after the governor of the country’s central bank Said there is “urgent” in the introduction of a CBDC.
Denial: The information gathered for this story is translated with the use of artificial intelligence.
