South Korean City and Korean Mint Cooperation is Launching Blockchain-Based Payment System for Elderly People
South Korean city Seongnam will launch a contactless payment system based on the blockchain technology in cooperation with Korea’s Minting and Security Printing Corporation (KOMSCO).
Seongnam is the most developed city in terms of technology, and its next plan shows that it is going to adopt the blockchain technology on a mass level. However, elderly people are the first priority of the upcoming project.
Seongnam Love Gift Certificate
According to the local media news report, the city “will issue a mobile Seongnam Love Gift Certificate next month with a reinforced payment function.” In its recent announcement, Seongnam city announced its agreement with Korea Mint Corporation to introduce a “card-type mobile Seongnam Love Gift Certificate.” The news report reads:
“According to the agreement, Korea Mint Corporation will support blockchain technology so that mobile Seongnam Love Gift Certificates can be used like regular check cards. If you issue and recharge a mobile Seongnam Love Gift Certificate through the’Chak’ app, the mobile platform of the Korea Mint Corporation, it is linked with the card company.”
The new blockchain-based payment system is more simple than the traditional one or QR codes system. Users will have access to gift certificates via Chak mobile application.
The upcoming project will have access to 45,000 merchant locations across the Seongnam area. Eligible elderly people can use their credit cards and debit cards to execute payments. They just need to give PIN, which then leads to the execution of the payment.
Only for Elderly People
The major priority of the payment system is to provide services of contactless payment services to middle-ages as well as elderly people.
“When the card-type mobile Seongnam Sarang gift certificate is in full circulation, it is expected that it will absorb the middle-aged and elderly people who are not familiar with the QR code payment method and the younger who have low preference for paper-type gift certificates, and activate local commercial districts,” the report added.
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