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CoinTelegraph 2025-05-10 09:12:43

RedotPay enters South Korea with crypto-powered payment cards

RedotPay enters South Korea with crypto-powered payment cards

Hong Kong-based fintech firm RedotPay has reportedly launched its cryptocurrency-enabled payment cards in South Korea, positioning itself as a potential disruptor in a market dominated by traditional credit card firms and mobile payment services. The company’s crypto debit cards—both physical and virtual—are now accepted at all Korean merchants that support Visa, according to a May 9 report by The Korea Economic Daily. The move marks RedotPay’s latest step in global expansion, following its earlier partnership with Visa and BIN sponsor StraitsX in February 2025 to enhance cross-border crypto payment capabilities. RedotPay, founded in 2023, has rapidly scaled since the soft launch of its crypto card program in late 2024. It now serves more than 4 million users worldwide. In South Korea, users can receive a virtual card for $10 or a physical card for $100, with minimal verification requirements, including name, address, and ID. Reports on social media indicate that the card is currently available to Korean users. “You can use it right away with your smartphone without a physical card by simply verifying your identity upon issuance,” one user wrote on X. Source: Blippi Related: North Korean spy slips up, reveals ties in fake job interview RedotPay cards support major cryptocurrencies The RedotPay cards support major cryptocurrencies like Bitcoin ( BTC ) and Ether ( ETH ) and stablecoins such as USDC ( USDC ) and USDt ( USDT ). Users can load their cards with crypto assets from several blockchains , including Solana, Polygon, BSC, Tron, and Arbitrum. One standout feature is RedotPay’s real-time stablecoin payment and refund system. When a purchase is made, stablecoins are deducted instantly from the user’s wallet. If a transaction is canceled, refunds in USDC or USDT are processed within minutes. RedotPay is also compatible with Apple Pay in Seoul, giving it an edge in a market where Apple Pay is currently limited to Hyundai Card customers. The compatibility could prove crucial as RedotPay challenges Korea’s established payment infrastructure. Crypto adoption has been accelerating in South Korea, where over 16 million people reportedly hold crypto . This has also made crypto a key topic in the 2025 South Korean presidential race. On May 6, South Korea’s Democratic Party leader Lee Jae-myung became the latest presidential candidate to promise the approval of spot crypto exchange-traded funds (ETFs) and other crypto-friendly measures, should he be elected. South Korea’s ruling party, the People Power Party, also reportedly made crypto policy promises in late April, which included allowing spot crypto ETFs, dismantling Korea’s controversial one-exchange-one-bank rule, and establishing a regulatory framework for stablecoins. Magazine: Crypto wanted to overthrow banks, and now it’s becoming them in stablecoin fight

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