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Mall in South Korea Partners with Bithumb to Accept 12 Kinds of Crypto Payment

The payment system will be available as soon as the government decides on the future of crypto.

Photo: Pixabay

WeMakePrice, a major online shopping mall in South Korea, has announced that it will now be accepting payment in the form of twelve different kinds of cryptocurrency, including Bitcoin, Ethereum, and Ripple. According to Korean news source YonHap News, the move comes as part of a partnership with virtual currency exchange Bithumb.

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The plan is to develop a payment system that will integrate virtual currency into Wimepey, a pre-existing settlement service used by the mall.

YonHap reported that the service will be available as soon as “government policies and regulations on virtual money are confirmed.”(Translated quote.)

Crypto Payments–On the Rise?

While this is the first major shopping mall in South Korea to announce that it will be integrating cryptocurrency as a payment method in its stores, some other major retailers in South Korea have already made the move.

In late November of 2017, Goto Mall (South Korea’s largest underground shopping center) announced that it was partnering with local crypto exchange HTS Coin to develop the tools necessary to start accepting Bitcoin. Together, the mall and the exchange built a smart payment system and a mobile app that made the process of accepting BTC for small purchases more streamlined.

Author: Rachel McIntosh
Original link: https://www.financemagnates.com/cryptocurrency/news/mall-s-korea-partners-bithumb-accept-12-kinds-crypto-payment/