Blockchain-powered payments are coming to South Korea’s highways – with the nation’s motorway operator sealing a deal that will see it use blockchain technology to power toll payments across the country before the end of the year.
Per D Daily, KEB Hana Bank, one of the nation’s biggest commercial banks, has signed on blockchain-based services and cooperation with the state-owned highway operator, the Korea Expressway Corporation.
The agreement will see the parties make use of KEB Hana’s smartphone banking app Hana One Q to allow motorists to defer their toll payments, pay in a lump sum or receive refunds – doing away with smart card, credit card or cash-based payments at toll points across the nation.
KEB Hana and Korea Expressway Corporation said they will also look to boost their cooperation using blockchain technology to transfer data, sharing service information, and sending and receiving processing a range of information.
The deal, which has the blessing of the country’s Ministry of Science and ICT and the state-operated Korea Internet & Security Agency (KISA) will allow motorists to sign up quickly, by entering the vehicle registration number in a new field of the bank’s app. KISA et al are hopeful that the move will boost contact-free payments, a key pillar of Seoul’s coronavirus pandemic response measures.
The platform, said the parties, will be introduced before the year is out.
Last month, KEB Hana agreed on a deal that will see it, and three other South Korean commercial banks, provide real-time foreign exchange rate data for a DeFi platform that involves Oracle and Chainlink (LINK).