Gyeonggi-do is South Korea’s most populous province. It covers 31 cities and districts. Each has its own currency. Some of the cities and districts have local paper currency. Most of them provide prepaid cards that can also be used with Google Pay. Only three cities offer a digital currency.
Samsung Electronics has been working with the province to enable simple local currency payments using mobile devices. It will utilize Samsung Pay for this purpose, allowing citizens of the 28 other cities and districts to pay by mobile phone.
Gyeonggi local currency to be linked with Samsung Pay
Gyeonggi-do and Samsung Electronics have signed an agreement to launch a local currency easy payment platform. Citizens in the 28 cities and districts that don’t have their own local digital currency stand to benefit.
They will no longer require a physical card to make local currency payments. They’ll be able to do that using Samsung Pay on their smartphones. This platform will bring the Gyeonggi local currency to the Samsung Pay Simple Payment App. Citizens can easily make payments at merchants by touching their phones to the card payment terminal.
The Gyeonggi local currency is expected to be linked with Samsung Pay after the system verification process is completed. It may go live before the end of next month.