Bithumb, one of South Korea's largest cryptocurrency exchanges, announced on Monday a new partnership with Korea Pay's Service, a digital payment and mobile gift card platform, to allow customers to pay with cryptocurrencies at over 6,000 physical stores nationwide. The service is expected to launch in the first half of 2018, with plans to expand to 8,000 stores by the end of the year.
How the Payment Service Works
According to the announcement, users of Bithumb can generate a barcode within the exchange's mobile app and present it at participating merchants to pay with their crypto holdings. Korea Pay's Service is the first domestic company to provide mobile gift certificates and solutions through more than 400 domestic channels, including Starbucks, Outback, and Kakao Talk, and counts over 200 franchise partners. Initial brands accepting crypto payments include Cafe DropTop, Yankee Candle, and Sulbing, a popular dessert chain. Bithumb noted that advanced crypto markets such as the United States, Japan, and Switzerland already have similar services in place, and it aims to bring the same convenience to South Korean consumers.
Bithumb's Market Position
At the time of the announcement, Bithumb was South Korea's second-largest crypto exchange by 24-hour trading volume, recording $507 million, trailing only Kakao-backed Upbit (with $910 million in the same period, per CoinMarketCap data). The exchange has been aggressively expanding its offline footprint, not only in payments but also in customer service and travel booking.
Customer Service Expansion
Last week, Bithumb expanded its walk-in customer service center in Gangnam, Seoul, doubling the number of consultation rooms from four to eight. The centers now support multiple languages including English, Japanese, and Chinese, and feature a separate VIP lounge as well as help desks for voice phishing and hacking prevention. Currently, Bithumb operates four major customer centers in cities across South Korea — Gangnam, Gwanghwamun, Busan Centum City, and Busan Daejeon — receiving an average of over 100 walk-in visitors daily nationwide.
Additional Partnerships and Innovations
Bithumb also revealed it is in talks with Wemakeprice, a major online shopping mall in South Korea, regarding potential integration. Furthermore, the exchange has partnered with Innovation Corp, which operates a Korean travel site with over 50,000 hotels and accommodation facilities, enabling customers to pay for bookings with any cryptocurrency held on Bithumb. Additionally, Bithumb is launching crypto kiosks at restaurants and cafes that allow food ordering and payment directly via cryptocurrencies.
Bithumb stated it will continue to collaborate with various partners to expand the offline crypto payment ecosystem, driving mainstream adoption of digital assets in everyday commerce across South Korea.