South Korea’s beach system to charge tourists for services, accepts crypto in payment

The CIC Enterprise, an affiliate of Bitbeat, with Innotech, attempts to provide crypto payment solution to South Korea's Haeundae Beaches,Busan.

By · Aug 9, 2020 . 5min read

Crypto in payment South Korea
Image by WorldSpectrum from Pixabay

The pilot project run by CIC Enterprise, an affiliate of Bitbeat, recently associated with Innotech, to provide crypto payment solution to South Korea’s Haeundae Beaches, Busan. Innotech processes card and cash payments for the Haeundae Beach System at rental outlets on Busan’s beaches. Busan is the nation’s second city and most vibrant summer tourism hotspot. Additionally, the project is in full swing and attempts to attract vacationers through the platform.

According to ZDNet Korea, this collaboration aims to provide a token-powered funds solution in the Haeundae Beach System on the beach of Busan in South Korea popular for vacationers. Moreover, this will enable individuals to compensate for water sports-related actions, life jackets, and even parasol leases through crypto payment platform. Consequently, the payment can be made with Bitcoin (BTC), Ethereum (ETH), and MCI and WAY ERC20 tokens. Moreover, smartphone-based software makes the payment process more comfortable.

Processing Payments in a click

The association aims to shorten the time required to process the payments. The payments now process in 5-10 seconds, states Bitbeat. Nonetheless, it depends on the use of QR codes for any wallet in the world.

This characteristic makes the collaboration unique from others which obligate customers to download separate apps to complete all the process. Rather than carrying their stuff, people rent things on vacation. Additionally, the blog states that Busan authorities anticipate that people will prefer to rent services on the Haeundae beaches on summer vacations.

Other Projects in Busan

Busan aims to collaborate for more crypto pay projects in the city. Additionally, regulatory sandbox status has been conferred by the Central Government for blockchain-based projects. A private-public consortium in South Korea declared its intention to build a blockchain-powered medical tourism platform. The consortium includes Pusan National University Hospital, Gosin University Gospel Hospital, Dong-A University Hospital, Samyuk Busan Hospital, and payment brokerage company Knet Co. Ltd.

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