RedotPay Launches Crypto Payment Cards in South Korea

Highlights:

• RedotPay marks its expansion into South Korea with the launch of its crypto payment card.
• The fintech company attributed its South Korean expansion to the nation’s receptive attitude towards cryptocurrencies.
• RedotPay’s partnership with several entities like Straitsx and Visa will boost its card reach and acceptance among South Korean merchants.

Hong Kong-based blockchain and fintech firm RedotPay marks its South Korean market entry with the launch of its crypto payment card. The Korea Economic Daily broke the news in one of its May 9 publications. According to the report, RedotPay’s debit card is already circulating in the South Korean market amid stiff competition from conventional payment options.

RedotPay noted that South Korea’s receptive nature towards crypto attracted it to launch its card in the region. The fintech company recently opened its Korean website as part of its preparation to explore the South Korean market. Meanwhile, the National Assembly’s Strategy and Finance Committee reported that approximately 30% of South Korea’s 52 million population holds crypto assets, making the region ideal for crypto-related expansion projects.

Big news from South Korea 🇰🇷 — RedotPay’s crypto Visa cards (yes, both virtual & physical) are now accepted everywhere! Over 4 million users can now spend crypto like cash 💳🪙 Seamless. Borderless. Future-ready. #Redotpay #korea #Nexobytes pic.twitter.com/zP7QXx22le

— Nexobytes (@nexobytes) May 10, 2025

Strategic Partnerships Boost RedotPay’s Success Rate

In February, Visa Inc. and RedotPay collaborated with StraitsX, a renowned (Bank Identification Number) BIN sponsor. This allowed Visa users to access RedotPay’s credit card functionalities. Hence, RedotPay’s physical or virtual cards can be used to make payments in any store that accepts Visa.

Aside from Visa, RedotPay extended its payment system compatibility to include Apple Pay. With these strategic partnerships, RedotPay’s payment technology can expand into one of the most sought-after outlets, which could drastically reduce dependence on traditional credit cards and mobile payment services.

RedotPay’s Features That Aided It to Amass Millions of Users

RedotPay graced the crypto space in 2023. It is renowned for leveraging blockchain to facilitate transactions involving crypto products. In 2024, the fintech firm diversified its offerings by launching RedotPay Card. The card possesses Bitcoin, Ethereum, USDC, and USDT support. Beyond these cryptocurrencies, the card allows deposits through Solana (SOL), Polygon (MATIC), Tron (TRX), etc.

In South Korea, only stablecoin-based RedotPay cards are offered to customers. Interested users can get the card after verifying information like name, date of birth, address, and identification card. Users receive refunds following payment cancellations via RedotPay’s proprietary real-time conversion.

BREAKING: 🚨Hong Kong-based @RedotPay – RedotPay launches crypto-powered payment cards in South Korea!

Physical & virtual Visa-backed cards now accepted at Korean merchants. pic.twitter.com/UJKbUZcYxk

— Lucky (@LLuciano_BTC) May 10, 2025

Stablecoins Account for Almost 50% of Transactions in 2025’s Q1

A few days ago, the Financial Supervisory Service (FSS) in South Korea published a report on crypto exchange transactions for the first quarter of 2025 (Q1). According to the report, top trading platforms in South Korea sent about 56.8 trillion won (around $40.6 billion) worth of cryptocurrencies abroad. In contrast, 64.78 trillion won (around 46.3 billion) entered South Korean exchanges, implying that the citizens were more interested in investing than spending.

In both inflows and outflows, stablecoins represented nearly 50% of the transactions, highlighting growing dependence on the asset class. Reports showed that exchanges like Gopax, Bithumb, Coinone, Upbit, and Korbit handled most of the transfers in 2025’s Q1, making them the most popular exchanges in the region.

The FSS report noted that South Koreans prefer stablecoins for transactions due to their stability. Stablecoins also allow investors to access global trading platforms like Binance and Bybit, where they can trade in dollar-based stablecoins other than their local currency.