What happened?
The convenience store chain 7-Eleven in South Korea has announced that starting in June, all its branches will accept the country’s Central Bank Digital Currency (CBDC), known as the digital won, as a form of payment. This move comes as part of the Bank of Korea’s ongoing digital currency pilot project to integrate CBDC use in everyday transactions. 7-Eleven is currently the sole convenience store working with the Bank of Korea on this pilot, enhancing real-world transaction experimentation with digital currency.
Who does this affect?
This change affects 7-Eleven customers in South Korea, especially those who are part of the CBDC pilot program, which includes approximately 100,000 participants. These customers can use their digital wallets, provided by several major South Korean banks, to make payments at 7-Eleven stores using QR codes. Additionally, it engages commercial retail partners and banks, promoting digital currency among their customer bases.
Why does this matter?
The introduction of CBDC payments in 7-Eleven stores could significantly impact the digital payments market in South Korea and accelerate the adoption of digital currencies in retail settings. It positions 7-Eleven as a leader in digital innovation, potentially driving more retailers to embrace digital currencies. The pilot could influence consumer behavior, encouraging broader acceptance and integration of digital currency into everyday commercial transactions, paving the way for future digital financial systems.