Today it was
reported that South Korea’s biggest card company, Shinhan Card, will launch a blockchain-based payment system. The firm, part of Shinhan Financial group an sister company to Shinhan Bank, claims to be the first to use the technology for credit card transactions.
In an interview with Korea Times, Shinhan Card’s digital lead Ryoo Tae-Hyun revealed that the firm is working on multiple innovations. These include facial recognition, Internet of Things (IoT), and distributed ledger technology (DLT) for payments. All the initiatives move towards its goal of ‘deviceless’ payments.
Shinhan Card plans to issue its own blockchain-based cryptocurrency to users of its credit cards. With DLT, transaction records would be immutable allowing the firm to trace credit more efficiently. It has already gained a patent for the system in Korea and has applied for one in the US, China, Japan, Vietnam, Indonesia, and the EU.
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