Residents of South Korea can now pay for everyday goods and services using digital assets, thanks to the launch of a new Visa crypto card.
Hong Kong-based FinTech company RedotPay announced a partnership with financial giant Visa and Asian payment infrastructure provider StraitsX. According to The Korea Economic Daily, the collaboration will result in the release of crypto payment cards in South Korea, enabling users to spend crypto at millions of Visa-accepting merchants.
RedotPay issues both virtual and physical cards, which are compatible with Apple Pay, Google Pay, and other digital wallets, and can also be used to withdraw cash from ATMs worldwide. The cards support BTC, ETH, SOL, and several other cryptocurrencies, as well as stablecoins such as USDC and USDT.
To ensure security and regulatory compliance, RedotPay uses strict KYC and KYT procedures. The company also protects user assets and adheres to international standards. As part of the initiative, RedotPay will utilize security solutions from Beosin, a leading blockchain security provider, and AI-based identity verification tools from Sumsub.
Founded in April 2023, RedotPay attracted over 4 million users globally by the end of 2024. The company recently closed a $40 million Series A funding round led by Lightspeed, with participation from HSG and Galaxy Ventures.
The launch of RedotPay’s crypto payment cards in South Korea comes amid a growing national interest in digital assets and tightening industry regulations. In 2024, South Korean authorities passed legislation requiring crypto platforms to insure user funds and keep client assets separate from corporate holdings. Additionally, oversight of stablecoins in the country was significantly strengthened.
