Bitcoin to be accepted in Seoul Mall
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Seoul’s giant Goto Mall has partnered with a Korean cryptocurrency exchange to enable its retail tenants to accept bitcoin as payment.
The exchange, HTS Coin, launched in October and developed a smart payment system using cryptocurrencies before launching a mobile app.
Goto Mall – also known as the Gangnam Terminal Underground Shopping Centre – has 620 tenants and hosts nearly 500,000 shoppers daily. Stores will begin accepting bitcoin payments by the middle of December, reports Bitcoin.com.
“I think it is very meaningful to be able to settle the bitcoin used by foreigners and young people at Goto Mall,” said mall CEO Chung Gwi Yeon.
Some stores in the mall have been accepting bitcoin payments directly in a trial, but Bitcoin.com reports there were problems with store owners losing their passwords and unable to spend the bitcoins they had accepted.
Newspaper Bridge Economy observed that when the new World Duty-Free store opens in Gangnam Central City next year, Goto Mall can expect to further increase its foreign customer base. “Goto Mall is expected to turn into a bitcoin mecca.”
Bitcoin will join cash, credit cards and Alipay is primary payment options at the shopping centre.
Questions & Answers
Q.Which company is partnering with Goto Mall to facilitate these Bitcoin payments?
Which company is partnering with Goto Mall to facilitate these Bitcoin payments?
Goto Mall is partnering with HTS Coin, a Korean cryptocurrency exchange. HTS Coin launched in October and developed a smart payment system for cryptocurrencies, including a mobile app, to enable these transactions.
Q.When can shoppers expect to start paying with Bitcoin at Goto Mall?
When can shoppers expect to start paying with Bitcoin at Goto Mall?
Shoppers can expect to begin using Bitcoin as a payment method at Goto Mall stores by the middle of December. This new system aims to integrate Bitcoin alongside existing payment options like cash and credit cards.
Q.Were there any issues with stores accepting Bitcoin payments before this new partnership?
Were there any issues with stores accepting Bitcoin payments before this new partnership?
Yes, some stores at Goto Mall had previously trialled accepting Bitcoin directly. However, Bitcoin.com reported problems, with store owners occasionally losing their passwords and consequently being unable to spend the accepted bitcoins.
Q.How many tenants does Goto Mall currently have and how many shoppers visit daily?
How many tenants does Goto Mall currently have and how many shoppers visit daily?
Goto Mall, also known as the Gangnam Terminal Underground Shopping Centre, currently has 620 tenants. It attracts a significant number of shoppers daily, with approximately 500,000 visitors passing through its doors.
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