7-Eleven stores across South Korea will begin accepting payments through the country’s central bank digital currency (CBDC) as part of an experiment running until June. This announcement on April 1st confirms that the convenience store chain would accept the digital currency at all its locations throughout the nation during this trial phase.
It is an electronic currency, supplied by the Bank of Korea, that embodies the value of cash and is distinct from virtual assets like Bitcoin. Its users can utilize this CBDC in their smartphone and bank account without the need to apply for any specific services.
The CBDC project, or “Hanging Project,” aims to pilot the use of digital currency in the real world. 7-Eleven is the only convenience store chain in South Korea that is participating as a pilot location. It is one of the Bank of Korea’s efforts to research the viability of the use of digital currency in daily transactions, and 7-Eleven’s involvement is an important step toward making this vision a reality.
Customers wishing to pay using the CBDC may do so by choosing the “Show QR” option from their e-wallet from any of the seven banks. These include Kookmin, Shinhan, Woori, Hana, Industrial Bank, Nonghyup, and Busan Bank. Once they generate the QR code, customers can then use it to pay at the 7-Eleven cashier. This is one simple and easy method users can use to pay digitally without needing physical cash or even a credit card.
7-Eleven offers 10% off for CBDC payments
7-Eleven is encouraging the use of the CBDC during the trial period by offering 10% off all merchandise. When customers pay using the CBDC. Besides saving money, this is also an encouragement to use digital money.
Moon Dae-woo stated that the company is committed to developing its store operations through next-generation digital technologies. He views the CBDC trial as a crucial step in accelerating 7-Eleven’s digitalization and streamlining its payment systems.
It will run until June, providing useful data to 7-Eleven and the Bank of Korea. 7-Eleven hopes to be at the forefront of digital payment technology by participating in the initiative and being prepared as cashless payment becomes more popular among South Koreans. The trial can be the stepping stone to the more extensive use of CBDCs in everyday business.
