Consumers in the South Korean province of Gyeonggi-do will soon be able to make mobile payments using local currencies issued by 28 cities and counties across the region using a local currency easy payment platform.
The province has signed an agreement with Samsung to develop the platform that will enable users to load Gyeonggi local currency into Samsung Pay and make purchases without needing a physical prepaid local currency card.
A total of 31 cities and counties across Gyeonggi province have their own currency that can be used to make purchases at local merchants with the aim of encouraging consumer support for small businesses.
Some districts issue the currency as physical cash, but most provide it on a prepaid physical card that can be uploaded to Google Pay. Three districts have already launched a local currency in digital form.
“By using this platform, Gyeonggi local currency will be installed in the Samsung Pay Simple Payment App so that payment can be made by touching the mobile phone to the card payment terminal without a physical card or branch-type local currency,” South Korean publication Money Today reports.
“Gyeonggi-do explained that Samsung Pay was adopted as a simple payment platform because it can be applied to the same merchants as card-type local currency and is a payment method with high consumer preference.
“The target areas for introduction are 28 cities and counties, excluding three cities and counties, Seongnam, Siheung and Gimpo, which already use mobile local currency.”
The new service is expected to be rolled out at the end of May, according to Money Today.