Update (Sep. 25, 9 am UTC): This article has been updated to mention that RedotPay has denied the launch of crypto payment cards in South Korea.
Hong Kong-based fintech firm RedotPay has denied the launch of cryptocurrency-enabled payment cards in South Korea.
In a May 9 report, The Korea Economic Daily claimed that RedotPay’s crypto debit cards — both physical and virtual — are now accepted at all Korean merchants that support Visa.
However, in a comment to Cointelegraph on Sept. 25, RedotPay denied the reports, calling them inaccurate.
RedotPay, founded in 2023, has rapidly scaled since the soft launch of its crypto card program in late 2024. It now serves more than four million users worldwide.
In South Korea, users can receive a virtual card for $10 or a physical card for $100, with minimal verification requirements, including name, address and ID.
Reports on social media indicated that the card is currently available to Korean users. “You can use it right away with your smartphone without a physical card by simply verifying your identity upon issuance,” one user wrote on X.
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RedotPay cards support major cryptocurrencies
The RedotPay cards support major cryptocurrencies like Bitcoin (BTC) and Ether (ETH), and stablecoins such as USDC (USDC) and USDt (USDT). Users can load their cards with crypto assets from several blockchains, including Solana, Polygon, BSC, Tron and Arbitrum.
One standout feature is RedotPay’s real-time stablecoin payment and refund system. When a purchase is made, stablecoins are deducted instantly from the user’s wallet.
If a transaction is canceled, refunds in USDC or USDT are processed within minutes.
RedotPay is also compatible with Apple Pay in Seoul, giving it an edge in a market where Apple Pay is currently limited to Hyundai Card customers. The compatibility could prove crucial as RedotPay challenges Korea’s established payment infrastructure.
Crypto adoption has been accelerating in South Korea, where over 16 million people reportedly hold crypto. This has also made crypto a key topic in the 2025 South Korean presidential race.
On May 6, South Korea’s Democratic Party leader Lee Jae-myung became the latest presidential candidate to promise the approval of spot crypto exchange-traded funds (ETFs) and other crypto-friendly measures, should he be elected.
South Korea’s ruling party, the People Power Party, also reportedly made crypto policy promises in late April, which included allowing spot crypto ETFs, dismantling Korea’s controversial one-exchange-one-bank rule, and establishing a regulatory framework for stablecoins.
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