Seongnam, a major South Korean city, is preparing to expand its existing blockchain-based payment program by issuing new digital gift cards.
According to Kyunghyang Sinmun, the blockchain infrastructure in the city will be based on Chak implementation. This application will be created by Korea Minting and Security Printing Corporation or KOMSCO. The Seongnam project hopes to make it easier for older and middle-aged residents to use the city’s existing blockchain technology. They also hope to increase the use of contactless payments during the COVID-19 pandemic.
Local media reported that three types of digital gift cards – cash, check cards and mobile phone cards – can be used at 45,000 outlets across the city.
Seongnam, known for its Pangyo Valley technology, is an IT complex that serves as the headquarters of many of the country’s technology giants such as the Kakao Group, SK Telecom, AhnLabs, Nexon and more.
Project operator Seongnam praised previous record profits for stackcoin and blockchain projects in 2020.
KEB Hana Bank, one of the largest commercial banks in South Korea, entered into an agreement on August 9 with the state-subsidized highway operator, Korea Expressway Corporation, to offer blockchain-based tolls on national highways.