Crypto.com has partnered with KG Inicis to introduce crypto payment options for foreign tourists visiting South Korea.
Summary
- Crypto.com has partnered with KG Inicis to enable crypto payments for foreign tourists across South Korea through its merchant network.
- International travelers will be able to pay using digital assets, while merchants can choose to settle transactions in fiat or crypto instantly.
The two companies plan to roll out Crypto.com Pay across KG Inicis’ merchant network, according to a March 17 press release.
The integration will allow international travelers to pay for goods and services using digital assets at both physical stores and online platforms. Meanwhile, merchants will have the option to receive payments instantly in fiat or digital assets.
“A payment infrastructure that bridges digital assets with the real economy will become a core competitiveness of the future finance and commerce industries,” a spokesperson for KG Inicis told media.
“We plan to expand an infrastructure where digital assets can be utilised in actual economic activities, all while ensuring a solid legal and regulatory foundation.”
KG Inicis is one of South Korea’s largest payment gateway providers and handles hundreds of millions of transactions annually, according to the release. It also boasts around 190,000 affiliated merchants and commands nearly 40% market share.
Outside of payments, the two companies plan to explore additional areas of cooperation, including joint marketing efforts and new product development. However, these initiatives remain subject to regulatory approval.
The latest partnership fits into Crypto.com’s broader expansion plans. Last month, the company secured conditional approval for a U.S. national trust bank charter, just days after receiving ISO certification for AI systems management. The crypto exchange has also launched a prediction market platform dubbed OG.
Crypto use in tourism on the rise
Meanwhile, cryptocurrency use in tourism has gained traction across Asia as governments test new ways to integrate digital assets into spending ecosystems.
Last year, Thailand introduced plans for an 18-month TouristDigiPay program, allowing visitors to convert crypto into Thai baht for everyday spending.
Similarly, Bhutan has rolled out a crypto payment system for tourism through a partnership with Binance Pay and DK Bank, enabling travelers to pay for hotels, tickets, and services using digital assets.