SEOUL KOREA - CJ E&M has introduced a bitcoin payment settlement system for the first time among major companies in Korea. The CJ Group company paid attention to the role of Bitcoin not as a currency but as a means of payment.
A company official said, "We applied the paymentmodule of the Korea Bitcoin Exchange into the video streaming service "Vingo" that we recently launched, thereby enabling Bitcoin service."
He added, "Given the characteristics of the content platform, small-amount payments are frequent. However, it is not possible to pay less than 1,000 won with a credit card. Bitcoin has a low commission of less than 1 percent of the transaction amount and allows small-amount payments of less than 1,000 won."
Paris Baguette's Incheon City Hall store introduced Bitcoin paymentservice first in Korea. Thereafter, about 60 cafés, restaurants, beauty salons and private after-schools adopted Bitcoin payments.
LG Economic Research Institute said in a latest report, "It may not be possible for Bitcoin to replace the conventional currency but chances are high that it could serve as an efficient alternative to credit cards and account transfers."
Article provided by The Korea Economic Daily
