The agreement expands a deposit-token pilot led by the Bank of Korea together with the Financial Services Commission and the Financial Supervisory Service. It is aimed at enabling real-world payments at CU convenience stores operated by BGF Retail using deposit tokens issued by Hana Bank.
The core of Project Hangang Phase 2 is building payment infrastructure that also supports public finance innovation in line with the government’s “digital execution roadmap for national treasury subsidies,” the bank said.
With interest in deposit-token trials growing across the financial sector, Hana Bank said it plans to offer payment convenience by leveraging BGF Retail’s nationwide CU network. Consumers will be able to use deposit tokens linked to Hana Bank’s flagship mobile app, Hana OneQ, at more than 19,000 CU stores nationwide via barcode or QR code payments.
BGF Retail said it will optimize its existing point-of-sale system so store owners, including small business operators, can accept the payments without additional burden.
The project also introduces person-to-person transfers and payment methods using biometric authentication. It includes a structure that automatically converts funds from a bank account when a token balance is insufficient, broadening functions and potential uses.
Hana Bank CEO Lee Ho-sung said the partnership will help the bank lead the expansion of the deposit-token market and serve as a model for a “win-win” digital ecosystem that improves settlement efficiency for small merchants while offering consumers a new financial experience.
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.