BC Card invests in patenting a technology for instant transactions using digital currencies in real-time payment systems.
BBC Card Embraces Stablecoins for Revolutionized Payment Processes
BBC Card, a leading South Korean credit card issuer, is making strides in the digital payments landscape by filing a patent for technology enabling stablecoin payments.
Choi Won-seok, BBC Card's Chairman, has emphasized the potential of stablecoins to revolutionize existing payment processes. In line with this vision, BBC Card aims to allow customers to make stablecoin payments through methods like credit cards and QR payments, making transactions easy and convenient.
The new technology determines the exact number of coins to be deducted from a customer's digital wallet during a stablecoin transaction. This precision is expected to be particularly useful for foreign transactions, including won payments overseas and foreign currency for Korean merchants.
BBC Card has been actively involved in the digital payments sphere, having previously applied for six NFT-linked payment technologies between 2022 and 2024. Choi Won-seok personally participated in filing the patent for the stablecoin technology.
In a bid to construct a universal infrastructure for Korea's stablecoin ecosystem, BBC Card has collaborated with major financial institutions, fintech companies, and digital asset firms. While specific South Korean financial institutions or fintech companies involved with BBC Card in this context are not explicitly mentioned, the collaboration aims to spearhead efforts to facilitate widespread stablecoin usage.
Stablecoins, a rising universal payment method, offer the advantage of maintaining a stable value, unlike traditional cryptocurrencies. BBC Card's infrastructure uses real-time data to help consumers pay only the amount they need to, considering the varying prices of stablecoins across exchanges. However, no new information about the technology's application of real-time data or the varying prices of stablecoins across exchanges was provided.
With this new development, BBC Card is poised to lead the way in adopting stablecoins for everyday transactions, potentially revolutionizing the payment landscape in South Korea and beyond.
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