South Korean City Will Issue Blockchain-Based Payments For The Elderly

A South Korean City is currently working to develop a blockchain-based payment system that will help the elderly people handle contactless payments as we are about to read more in the upcoming blockchain news.

One of the most heavily technologically developed cities in South Korea aims to expand the payments program over a digital gift certificate that is based on blockchain technology. One of the goals is to educate the elderly people on contactless payments. According to a recent report, the South Korean city Seongnam will be accessible through a mobile app. The main idea is to reach out to the elderly and to get them to understand a simplified payment process via blockchain technology.

During the previous year, the city established itself as a technological center and adopted blockchain to run the payment system. The Minting and Security Printing Corporation is also involved in the project and the gift certificate will be accessible for all people in the Chak mobile app. The new process is planned to be simple as the users will be able to execute the payments without the need for QR codes. 45,000 merchant locations in the Seongnam area will be included in the platform and about one-third of them will be able to accept mobile payments with gift certificates. The process will require existing debit and credit card readers in order to run the payments as people will have to enter their PIN so the payment can be completed.

The new program aims at the elderly because the city wants to get them on board with the technological advancements by not giving them access but also knowledge of contactless payments. Another benefit is that this will be an effective method in limiting the spread of COVID-19. The new program will be available next month. The new system is far from being the only tech endeavor. For example, the industrial complex Pangyo Techno Valley that is located in the city of Pangyo, Gyeonggi Province, Seongnam is also known as the Silicon Valley of Korea.

Millions of South Koreans have chosen to replace their physical driver’s license in favor of a blockchain-powered one used in conjunction with the PASS smartphone app. This is the first authorized digital identification card that can be used around the country and even got approval by the nation’s Ministry of Science back in 2019.