title: South Korea's 7-Eleven Stores Are Now Accepting the Bank of Korea's CBDC

South Korea's 7-Eleven stores are now accepting the Bank of Korea's central bank digital currency (CBDC) as part of a limited-time test that runs through June.

Seven Eleven convenience stores in South Korea are accepting the Bank of Korea’s central bank digital currency (CBDC) as part of a limited-time test.

The company is participating in the “Hangang Project” pilot of the CBDC, which is currently being tested by seven partner banks and three payment providers.

Customers with accounts at one of the partner banks – including Kookmin, Shinhan and Woori – can pay for items at checkout by scanning a QR code from their digital wallet, local news outlet Enews Today reported.

To encourage participation, 7-Eleven is offering a 10% discount on all products when purchased with the digital currency during the trial period.

The pilot is one of the first real-world trials of a central bank digital currency in a retail setting in South Korea. It comes after the country’s central bank governor said there was “urgency” in the introduction of a CBDC.

Earlier this year, the Bank of Korea selected seven banks and three payment providers to take part in the pilot. The banks are Kookmin Bank, Shinhan Bank, Hana Bank, Woori Bank, Semaebank, K-Bank and Kakao Bank. The payment providers are Kakao Pay, Samsung Pay and SK Square Pay.

The central bank said the pilot will focus on testing the technical feasibility and efficiency of CBDC payments in a retail setting. It will also collect feedback from consumers and merchants on the usability and convenience of the digital currency.

The Bank of Korea has been researching the possibility of introducing a CBDC for several years. In 2021, it conducted a simulation test of a CBDC in partnership with the Bank for International Settlements.

The central bank has said that a CBDC could offer several benefits, such as improving payment efficiency and reducing costs. It could also help to promote financial inclusion by providing unbanked individuals with access to the financial system.

However, some economists have warned that a CBDC could pose risks to financial stability and privacy. They have also argued that there is no clear economic case for introducing a CBDC at this time.