South Korea’s 7-Eleven stores are now accepting the Bank of Korea’s central bank digital currency (CBDC) as part of a limited-time test that runs through June.
The company is participating in the “Hangang Project” pilot of the CBDC. Customers with accounts at one of seven partner banks — including Kookmin, Shinhan and Woori — can pay for items at checkout by scanning a QR code from their digital wallet, similar to how many use mobile payment apps, according to local news outlet Enews Today.
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To encourage participation, 7-Eleven is offering a 10% discount on all products when purchased with the digital currency during the trial period.
Moon Dae-woo, head of digital innovation at 7-Eleven, said the retailer is experimenting with new technologies to improve store efficiency.
“By participating in this digital currency payment test, we’ve taken another step forward in digital transformation,” he said in a statement.
The pilot is one of the first real-world trials of a central bank digital currency in a retail setting in South Korea. It comes after the country’s central bank governor said there was “urgency” in the introduction of a CBDC.
Disclaimer: Information gathered for this story was translated with the use of artificial intelligence.