SEOUL, Nov. 28 (Korea Bizwire) – Movie lovers can now comfortably pay for films at home with bitcoins, as CJ E&M has introduced a bitcoin payment service on its website Vingo (www.vingo.co.kr). The online portal offers up a huge quantity of video content, viewable on a myriad of gadget types including smartphones, televisions, tablets and desktop computers. It is the first large company in Korea to offer this service, with more than 5,000 films and dramas available by the end of this year.
Korea’s leading content company announced that it had partnered with Korbit, a Korean bitcoin exchange, wallet and merchant processor, to introduce the service. The affiliate of CJ Group is the second largest global content provider, after American direct-broadcast satellite service provider Dish, to adopt bitcoin as one of their e-commerce tools.
Bitcoin has a low commission of less than 1 percent of the transaction amount, which is much lower than the 6 to 10 percent commissions typical for credit card payments. The online currency is expected to be a comfortable way for website customers to pay a small amount of money for the service. To date, it is impossible to pay less than 1,000 won by credit card.
To celebrate the introduction, the company plans to hold an event to promote the service. When users select a movie on the website and click a bitcoin button to pay for it, the first 1,000 customers will be provided bitcoins for the movie they select.
“As a small amount of money is mostly paid for one film or drama, the new payment service will promote convenience. Even foreigners can enjoy the content as anyone in any country can use the coins,” said a CJ E&M official.
In Korea, bitcoins are rarely used since few stores accept them. Of large companies, to date, only Dr. Chung’s Food, which produces the soybean milk Vegemil, has introduced the service on its website (www.edaymall.com).
By Veronica Huh (email@example.com)