South Korean Stores Begin CBDC Payment Trials with Special Discounts

7-Eleven stores in South Korea are set to embrace the country's central bank digital currency (CBDC) as a payment option until June, participating in the ongoing national trial of digital currency.

Customers paying with CBDC during this period will receive a 10% discount on all items.

Moon Dae-woo, who leads digital innovation at 7-Eleven, emphasized that this initiative aligns with the company’s push towards digital transformation. He sees the trial as an opportunity to integrate modern payment technologies into everyday retail.

The nationwide CBDC pilot, which began on April 1 and runs through June 30, includes around 100,000 participants. These users can convert their bank deposits into CBDC tokens, which mirror the value of the Korean won. Payments can be made at various participating outlets, including coffee shops, supermarkets, and K-Pop merchandise stores, with a spending limit of 5 million won ($3,416) during the trial.

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The project, spearheaded by the Bank of Korea, the Financial Services Commission, and the Financial Supervisory Service, aims to explore how a digital currency might function within the country’s financial system. Major banks such as KB, Koomin, Shinhan, and others are also involved, allowing eligible citizens to participate by converting their bank balances into digital tokens.

By testing the CBDC in real-world retail environments, South Korea hopes to assess the viability of integrating a digital currency into everyday transactions. The trial represents a step toward potentially creating a new monetary system driven by digital payments.

Alexander Stefanov

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