RedotPay Launches Crypto Cards in South Korea, Targeting 16 Million Users

RedotPay, a Hong Kong-based fintech company, has launched its cryptocurrency-enabled payment cards in South Korea, marking a significant step in its global expansion. The company's crypto debit cards, both physical and virtual, are now accepted at all Korean merchants that support Visa. This move positions RedotPay as a potential disruptor in a market traditionally dominated by credit card firms and mobile payment services.

The launch in South Korea follows RedotPay's earlier partnership with Visa and BIN sponsor StraitsX in February 2025, aimed at enhancing cross-border crypto payment capabilities. Founded in 2023, RedotPay has rapidly scaled since the soft launch of its crypto card program in late 2024, now serving over 4 million users worldwide. In South Korea, users can obtain a virtual card for $10 or a physical card for $100, with minimal verification requirements, including name, address, and ID.

RedotPay cards support major cryptocurrencies such as Bitcoin (BTC) and Ether (ETH), as well as stablecoins like USDC (USDC) and USDt (USDT). Users can load their cards with crypto assets from several blockchains, including Solana, Polygon, BSC, Tron, and Arbitrum. One of the standout features of RedotPay is its real-time stablecoin payment and refund system. When a purchase is made, stablecoins are deducted instantly from the user’s wallet, and if a transaction is canceled, refunds in USDC or USDT are processed within minutes.

RedotPay's compatibility with Apple Pay in Seoul gives it a competitive edge in a market where Apple Pay is currently limited to Hyundai Card customers. This compatibility could be crucial as RedotPay challenges Korea’s established payment infrastructure. The move comes at a time when crypto adoption has been accelerating in South Korea, with over 16 million people reportedly holding crypto. This has also made crypto a key topic in the 2025 South Korean presidential race.

On May 6, South Korea’s Democratic Party leader Lee Jae-myung became the latest presidential candidate to promise the approval of spot crypto exchange-traded funds (ETFs) and other crypto-friendly measures, should he be elected. South Korea’s ruling party, the People Power Party, also made crypto policy promises in late April, which included allowing spot crypto ETFs, dismantling Korea’s controversial one-exchange-one-bank rule, and establishing a regulatory framework for stablecoins. These developments indicate a growing acceptance and integration of cryptocurrencies into the mainstream financial system in South Korea, positioning RedotPay well to capitalize on this trend.