BC Card has completed a technology verification that allows stablecoins stored in overseas digital asset wallets to be used for payments at domestic merchants.
On August 12, BC Card announced that it has finished a proof of concept (PoC) project in collaboration with global digital asset company Coinbase and digital asset infrastructure technology firm WaveBridge. The project focused on connecting overseas digital asset wallets to domestic card payment infrastructure.
The pilot program was conducted over approximately three months, starting in April. BC Card provided the card payment infrastructure and QR payment module, while Coinbase and WaveBridge were responsible for the overseas wallet 'Base' and the blockchain infrastructure and fiat currency conversion technology, respectively.
The PoC demonstrated a scenario where foreign tourists used the dollar-pegged stablecoin USDC held in their Base wallets to make payments at BC Card QR merchants in South Korea. The entire payment flow, including the conversion of USDC to Korean won for merchant settlement, was verified.
Notably, the pilot also tested payment cancellation and refund features, which have been challenging in existing blockchain environments. By linking the card payment system and blockchain infrastructure in real-time, merchants were able to cancel payments, ensuring that the USDC used in the transaction was immediately returned to the customer's wallet in case of any issues.
Based on the results of this pilot, BC Card plans to prepare for commercialization. The company also intends to develop a global standard interface (API) that can connect overseas digital asset wallets with domestic merchant networks.
Kim Young-woo, CEO of BC Card, stated, "This pilot has verified that the domestic card payment infrastructure can operate reliably in global stablecoin payment services. We will continue to expand digital asset payment services."
* This article has been translated by AI.
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