South Korea Advances Stablecoin Payments with QR Code Technology

South Korea is rapidly developing infrastructure to support stablecoin payments, aiming to streamline transactions for foreign visitors and potentially expand domestic usage. Recent pilot programs and industry initiatives demonstrate a move towards integrating stablecoins into the country’s existing payment networks, primarily through QR code-based systems.

BC Card Leads the Way with Stablecoin Pilots

BC Card, a major South Korean payment processor handling over 20% of domestic card transactions, successfully completed a pilot program in December 2025 enabling foreign users to spend stablecoins at local merchants. This initiative allowed overseas stablecoin holders to convert their digital assets into digital prepaid cards, which could then be used via QR payments at a variety of businesses, including convenience stores, cafes and supermarkets.

The pilot focused on verifying the technical feasibility, settlement accuracy, and seamless integration with existing card infrastructure, rather than a broad public launch. The system converted foreign users’ stablecoins into digital prepaid cards, functioning through QR codes within the established card network, avoiding the need for new hardware at merchant locations.

Shinhan Card Follows Suit

Shinhan Card is also actively pursuing stablecoin payment technology verification (PoC), currently in the process of selecting partner companies for a full-scale technology verification program. The company is simultaneously conducting technology verification at the holding level to develop a comprehensive digital asset service.

Addressing Key Challenges and Opportunities

The push for stablecoin payments is driven by several factors, including cost efficiency and the need to improve payment options for foreign visitors. Traditional payment networks involve fees paid to VAN or PG companies, which stablecoin systems aim to reduce, potentially improving profitability for merchants. Currently, only a small percentage of domestic online stores accept foreign cards, highlighting a gap in the market.

The industry anticipates significant market expansion once a stablecoin payment environment is fully established, with the amount of foreign spending using domestic cards already showing a substantial increase (18.2% to $14.08 billion in the past year).

SuzuPay: A Competitive Solution

Companies like SuzuPay are also entering the market, offering QR code stablecoin payment services that allow users to convert USDC/USDT to SuzuPoints and pay at merchants without requiring traditional POS infrastructure. SuzuPay boasts lower transaction fees compared to traditional methods and instant settlement on the blockchain.

Regulatory Landscape and Future Outlook

Despite the progress, regulatory delays continue to shape the path forward for stablecoins in South Korea. Lawmakers are currently reviewing proposals regarding the issuance and regulation of stablecoins. However, the growing interest from card companies, PG/VAN companies, and financial institutions suggests a strong momentum towards integrating blockchain-based payment infrastructure for wider stablecoin adoption.