Domestic card companies begin preparations for stablecoin payments…System review in earnest since the start of the year
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- Major domestic card companies said they will begin operating a second task force (TF) in earnest to introduce a stablecoin-based payment system.
- They said the TF will focus on the stablecoin payment structure, the feasibility of introducing a debit card-type service, and proof of concept (PoC) work.
- They reported that, even though legal arrangements regarding stablecoin issuers and regulatory frameworks have not been completed, card companies have begun preparations to proactively respond to changes in the payment market.
- The article was summarized using an artificial intelligence-based language model.
- Due to the nature of the technology, key content in the text may be excluded or different from the facts.
Domestic credit card companies have started preliminary preparations from the start of the year with an eye on introducing a stablecoin-based payment system.
On the 5th, sources in the financial sector said the Credit Finance Association plans to launch a second task force (TF) this month on the topic of stablecoin adoption. All nine major card companies — Samsung, Shinhan, KB Kookmin, Hyundai, Lotte, Hana, Woori, BC, and NH Nonghyup — will participate in this TF.
In the second TF, discussions are expected to focus on how to actually implement the overall card payment structure, from payments using stablecoins to merchant settlement. It was reported that, similar to existing card payment flows, the possibility of introducing a debit card-type service that allows stablecoin transactions at card terminals is also under consideration.
In addition, the proof of concept (PoC) work discussed in the first TF will be intensified. The Credit Finance Association will soon proceed with a bidding process to select related operators and plans to assess technical and operational feasibility in parallel with the second TF discussions.
Industry insiders say that, even though legal clarification regarding stablecoin issuers and regulatory frameworks has not yet been completed, card companies' proactive preparations reflect the view that the speed of responding to future changes in the payment market could determine competitiveness.
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