Block announced that in Q4 2023, Cash App generated $66 million in Bitcoin gross profit up 90% year-over-year.
CIC Enterprise, a Bitbeat-affiliate company, is running a test programme to offer cryptocurrency payment services in two tourist hotspots in South Korea. The project will be operating at two of the country’s most popular beaches for tourists to use as a payment service.
According to media outlet ZDNet Korea, CIC Enterprise teamed up with Innotech – a payments service provider – in order to offer cryptocurrency payments in the Haeundae Beach System in South Korea. The firm is hoping to enhance the convenience, transparency, and reliability of electronic payments and is looking to digital currencies to resolve issues that cash payments face.
Through the project, tourists and locals will be able to pay for numerous products and services, from water sports-related activities, to life jackets with Bitcoin Ethereum, and with MCI and WAY ERC20.
The Convenience of Cryptocurrency Payments
One of the key benefits of the project is the speed and ease at which the payments can be made. According to the report, the user makes payment through a QR function via an Ethereum-based wallet or an exchange wallet compatible with either MCI token or WAY token. The payment can happen at the ticket office, through a QR code and takes between 5 and 10 seconds, depending on network speed connection.
This speed, coupled with the convenience and safety of cash-free payments, stands as notable benefits that digital currencies offer.
BitBeat Hopeful For Bitcoin Adoption
The BitBeat foundation is supporting this pilot, and is hopeful to see further adoption for cryptocurrencies to follow, saying:
“I hope that the virtual currency used in the Haeundae-gu beach system will be more widely used in real life. In the future, we will actively introduce various payment methods in the region so that it can be used freely next year. We will try to provide a virtual currency payment environment.”