7-Eleven to Accept Bank of Korea Digital Currency as Part of CBDC Trial
7-Eleven to Accept Bank of Korea Digital Currency as Part of CBDC Trial
7-Eleven shoppers in South Korea can now pay with the Bank of Korea's digital currency at a 10% discount to encourage its use.
Author: Francisco Rodriguez | Edited by: Sheldon Reback Updated: April 2, 2025, 15:11 UTC Published: April 2, 2025, 15:07 UTC
What you need to know:
- 7-Eleven launches extensive testing of South Korea's central bank digital currency.
- Customers with accounts at seven banks can use a QR code to pay at the checkout using CBDC.
- To encourage adoption of the digital currency, a 10% discount on purchases made using it is provided during the trial period.
7-Eleven stores in South Korea now accept the Bank of Korea's central bank digital currency (CBDC) as part of a temporary test that will last until June.
The company is participating in a CBDC pilot called the “Hangang Project.” Customers with accounts at one of seven partner banks, such as Kookmin, Shinhan and Woori, can pay for purchases by scanning a QR code from their digital wallet, as many do with mobile payment apps, local outlet Enews Today reported.
To incentivize members, 7-Eleven is offering a 10% discount on all items when paying with digital currency during the trial period.
Moon Dae-woo, head of digital innovation at 7-Eleven, said the retailer is exploring new technologies to improve store efficiency.
“By participating in this test of a digital currency for settlements, we have taken another step towards digital transformation,” he said in his commentary.
The pilot project is one of the first real-world tests of a central bank digital currency in the retail sector in South Korea, and comes after the country's central bank governor stressed the “necessity” of implementing a CBDC.
Disclaimer: The information collected for this article was translated using artificial intelligence.
Bulgarian
Czech
English
French
Georgian
German
Italian
Kazakh
Polish
Portuguese
Slovak
Spanish
Ukrainian