RedotPay Launches Crypto Cards in South Korea, Challenges Traditional Payment Systems

RedotPay, a Hong Kong-based fintech company, has launched its cryptocurrency-enabled payment cards in South Korea, marking a significant shift in the payment landscape. This move is expected to challenge the dominance of traditional credit card corporations and online payment systems, which currently control most payment activities in the region.

All Korean Visa merchants now accept RedotPay’s crypto debit cards, allowing cardholders to use them both physically and virtually. This development is part of RedotPay's strategy to expand rapidly in South Korea, where mobile payments are prevalent and interest in cryptocurrencies remains high. The company has also launched its official Korean site to better serve local users.

RedotPay's cards are now available on Apple Pay in Seoul’s markets, a significant development as Apple Pay is currently only accepted through Hyundai Card in Korea. This integration allows users to sync their RedotPay cards and pay within retail destinations, posing a threat to both mobile payment platforms and traditional credit card markets.

The RedotPay card supports several cryptocurrencies, including Bitcoin, Ethereum, USDC, and USDT. The company also accepts deposits from other leading networks such as Solana, Polygon, Tron, and Arbitrum. Korean users can easily retrieve the card by providing simple personal details such as name, birthdate, address, and ID card information.

Using stablecoins, users can make dollar purchases directly without being charged for currency conversions. This feature is expected to enhance the experiences of both travelers and online shippers. According to Kim Yong-beom, CEO of Hashed Open Research, such a system could radically improve both local and global payment systems.

The launch of RedotPay in South Korea underscores a growing trend toward the use of crypto for daily monetary transactions. The increasing adoption of blockchain-based payment solutions could lead to significant competition for traditional payment firms in the near future. Traditional payment providers such as Visa and Mastercard are already teaming up with crypto firms to launch their own blockchain-powered financial services to remain competitive.