The 7-Eleven stores of South Korea now accept the digital currency of the Central Bank of the Bank of Korea (CBDC) as part of a limited time test that extends until June.
The company participates in the “Hangang Project” pilot of the CBDC. Customers with accounts in one of the seven members of members, including Kookmin, Shinhan and Woori, can pay the items when paying scanning a QR code of their digital wallet, similar to how many use mobile payment applications, according to the local news media today.
To promote participation, 7-Eleven is offering a 10% discount on all products when purchased with the digital currency during the trial period.
Moon Dae-Woo, Chief of Digital Innovation in 7-Eleven, said the retailer is experimenting with new technologies to improve store efficiency.
“By participating in this digital currency payment test, we have taken another step forward in the digital transformation,” he said in a statement.
The pilot is one of the first rehearsals of the real world of a central bank digital currency in a retail environment in South Korea. It occurs after the governor of the Central Bank of the country said there was “urgency” in the introduction of a CBDC.
Discharge of responsibility: the information collected for this story was translated with the use of artificial intelligence.
