South Korea To Launch Blockchain-Based Payment For Senior Citizens

South Korea Blockchain (Courtesy: Moonwhale)
South Korea Blockchain (Courtesy: Moonwhale)

After Bitcoin payments for tourist visiting various beaches in South Korea, one of the city in the country is now launching a Blockchain-based payment system for contactless payments for senior citizens.

The new initiative is aimed towards educating elderly people towards contactless payments. It will be done in the Seongnam city of South Korea, which is technologically advanced, and is  is aiming to expand its payments programs through digital gift certificates based on blockchain technology.

According to a news report, the mode of payment will be available through a mobile application. The idea behind this initiative is to reach out to elderly residents and getting them to understand a genuinely simplified payment process via blockchain technology.

Seongnam city has established itself as a technological center, adopting blockchain to run its payment system.

Korea’s Minting and Security Printing Corporation (KOMSCO) is also reportedly involved in the project. Their will be a number of card-type gift certificates will be accessible to people through the Chak mobile app. The new process is planned to be able to execute payments with no need for QR codes.

45,000 merchant locations in the Seongnam area will be included in the platform. One-third of them will reportedly be able to accept mobile payments, using the gift certificates.

The process will only require existing debit and credit card readers to run payments. People will have to enter their PIN, which the mobile app would provide them with, so the payment process will be completed.