South Korea: Shopping mall accepts Bitcoin

A shopping center in South Korea wants to make it possible to shop with Bitcoin in the future - although a first test phase has already failed. The cooperation with a local cryptocurrency exchange is now to lead to success.

The Goto Mall in Seoul is the largest subterranean shopping mall in South Korea with a length of 880 meters and 620 stores. The offer ranges from clothing to flowers to home accessories and is used daily by about half a million South Koreans and tourists. The mall, also known as the Gangnam Terminal Underground Shopping Center, is in close proximity to a metro interchange station, where three major subway lines operate. Thus it offers ideal infrastructural conditions.

First test failed

As the only East Asian country, South Korea recognizes Christmas as a holiday, including the obligatory celebration rituals such as gifting family and friends. In the next few weeks, the mall can count on even more shopping enthusiasts. But even in the long term, the number of visitors should increase when the renovation of the nearby apartment complex is completed. The shops in the Goto Mall are flourishing, but the shopping center wants to be even more future-oriented. With Bitcoin as a means of payment especially tourists and young visitors are to be lured. A first attempt in this direction failed, however. The mall had wanted to test Bitcoin as a payment option. The store owners should accept Bitcoin directly without an intermediary exchange. However, after the business people lost their passwords, the test was stopped.

Now, Goto Mall has teamed up with a cryptocurrency exchange: HTS Coin opened last month and has developed an intelligent payment system for cryptocurrencies including a mobile app. By means of this cooperation, the payment method with Bitcoin should now succeed. Bitcoin is offered alongside other payment methods such as cash, credit card and Alipay, a Chinese online payment system of Alibaba Group.