7-Eleven South Korea Joins Nationwide CBDC Payment Trial
The 7-Eleven convenience store franchise is taking part in South Korea’s central bank digital currency (CBDC) pilot, running from April 1 to June 30.
South Korea’s 7-Eleven outlets will let customers pay with the nation’s experimental CBDC as part of the retailer’s involvement in the testing phase.
The convenience store chain is offering a 10% discount on all items purchased with CBDC during this period. Moon Dae-woo, head of 7-Eleven’s digital innovation division, stated that the company is working to integrate cutting-edge digital technologies into its operations. He further noted that joining the CBDC trial will boost the company’s efforts toward digital transformation.
Numerous stores are involved in South Korea’s CBDC pilot, which spans from April 1 to June 30, 2025. The program includes 100,000 participants who can test payments with CBDC issued by the central bank.
Central bank digital currencies are government-issued digital assets designed for faster, modern payment systems. Unlike privacy-oriented cryptocurrencies like Monero, CBDCs are issued, regulated and tracked by governmental authorities.
On March 24, the Bank of Korea, alongside the Financial Services Commission (FSC) and Financial Supervisory Service (FSS), unveiled the CBDC pilot program.
During the trial, participants can exchange their bank deposits for tokens recorded on a distributed ledger, with the tokens matching the value of the Korean won.
The agencies explained that adults aged 19 or older with accounts at participating banks could sign up, capping participation at 100,000. Banks such as KB, Koomin, Shinhan, Hana, Woori, NongHyup, IBK, and Busan are part of the initiative.
In addition to 7-Eleven, CBDC payments will be accepted at coffee shops, supermarkets, K-Pop merchandise outlets, and delivery services. A conversion cap of 5 million won (US$3,416) applies during the test.
The Bank of Korea initially revealed plans for the retail CBDC trial with 100,000 users in November 2023, targeting a start in late 2024. The FSS described the test as progress toward building a model for a “future monetary system.”
2020
In 2020, the chain launched a “signature” concept store with no sales clerks, in downtown Seoul.
Customers were introduced to self-checkout, scanning item bar codes and paying via credit card. Entrances and exits are still checked through closed-circuit TV and personal data, including fingerprints.
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