RedotPay Aims at Korean Payment Market With Crypto Card Push

RedotPay launched Visa-compatible crypto cards in South Korea, providing users with both physical and digital formats.RedotPay supports real-time stablecoin payments and Apple Pay, challenging existing Korean payment norms.RedotPay, a fintech firm based in Hong Kong, has introduced cryptocurrency-powered payment cards in South Korea, directly entering a market traditionally led by credit card corporations and mobile payment providers.The Korea Economic Daily confirmed on Friday that both physical and virtual crypto debit cards issued by RedotPay function at all South Korean merchants accepting Visa transactions. Customers can secure a virtual card for $10 or opt for a physical card priced at $100. The registration process demands only basic verification, including name, address, and identification.Reports circulating on social media indicate Korean users already have access to the cards. An individual identified as “Blippi” shared on X that users can activate the card immediately on a smartphone without needing a physical card, simply by verifying identity at the time of issuance.테더로 밥값 결제홍콩계 핀테크 레돗페이(RedotPay), 10월부터 ‘스테이블 코인’ 기반 가상카드 출시.국내에서도 애플페이 등으로 사용 가능.원화 환전 없이 달러 기반 스테이블 코인(USDT, USDC)으로 결제 가능.발급 시 본인 인증만 거치면 실물 카드 없이도 스마트폰으로 바로 사용. pic.twitter.com/YK0cjOh9wG— Blippi (@Rhayuumi) May 10, 2025RedotPay’s Core Card FeaturesThe RedotPay card supports major cryptos including Bitcoin and Ether, as well as stablecoins. Cardholders can fund their accounts with crypto assets drawn from multiple blockchain networks, including Solana, Polygon, Binance Smart Chain, Tron, and Arbitrum.A key feature lies in the real-time stablecoin payment and refund process. Each time a purchase occurs, stablecoins leave the user’s wallet immediately. In the event of a canceled transaction, refunds in USDC or USDT reach the user within minutes.RedotPay also benefits from being compatible with Apple Pay in Seoul. At the moment, Apple Pay access in South Korea is mostly restricted to Hyundai Card users. By supporting Apple Pay, RedotPay could use this limitation as a way to compete with the current payment infrastructure.Kim Yong-beom, chief executive officer of Hashed Open Research, shared insights into the card’s potential impact. “The stablecoin-based card allows its users to possess and spend US dollars without paying exchange fees,” Kim said. “This could upend the payment market at home and abroad.”Crypto’s Growing Role in South KoreaRedotPay’s launch of crypto cards comes at a time when interest in cryptocurrency is rising in South Korea, fueled by increasing political attention. Reports indicate that over 16 million people in the country own digital assets, making cryptocurrency a key issue in the 2025 presidential race. The ruling People Power Party unveiled a crypto policy agenda in late April. The plan includes approval of spot crypto ETFs, elimination of the one-exchange-one-bank requirement, and creation of a regulatory structure for stablecoins. Such initiatives signal wider acceptance of digital assets within South Korea’s financial system.Building on this momentum, RedotPay now enters a competitive payments sector by offering crypto-enabled cards. The new product may attract consumers seeking alternatives to traditional banking methods, as public interest in cryptocurrency continues to expand alongside policy developments.Read More | TRUMP Team Wallet Deposits 3.5M $TRUMP ($52.66M) into Exchanges