RedotPay Launches Cryptocurrency-Powered Payment Cards in South Korea Targeting a Market Led by Credit Card Corporations and Mobile Payment Providers

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.

Hong Kong-based fintech firm RedotPay has introduced cryptocurrency-powered payment cards in South Korea, making a direct entry into a market traditionally dominated by credit card corporations and mobile payment providers.

Both physical and virtual crypto debit cards issued by RedotPay function at all South Korean merchants accepting Visa transactions, Korea Economic Daily confirmed Friday.

Virtual cards are available for $10, while physical cards cost $100. Registration requires only basic verification, including name, address, and identification.

Reports circulating on social media indicate that Korean users already have access to the cards. One user, “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.

テザーで米ドル 払えるカード

香港の金融科技企業 レドットペイが韓国で仮想通貨で直接 決済できるカードを発行

米ドル建てステーブルコイン（USDT、USDC）で起業内の食堂で 밥값 оплатитьได้.

韓国では現在、モバイルペイメントサービスが広く普及している。

— Blippy (@Blippi_) August 24, 2023

The 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, such as Solana, Poiygon, 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.

Moreover, RedotPay’s product is 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 Korea

RedotPay’s launch of crypto cards comes at a time when interest in cryptocurrency is rising in South Korea, driven 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.