SEOUL, Jan. 30 (Korea Bizwire) — Social commerce service WeMakePrice is set to become the first South Korean shopping website to accept cryptocurrencies in South Korea.
According to reports, WeMakePrice is in talks with cryptocurrency exchange Bitthumb to allow users to make payments with cryptocurrencies such as Bitcoin, which could see the website become the first online shopping portal in the country to accept cryptocurrencies.
Both parties are reportedly close to reaching an agreement and are expected to launch the new simple payment system after the government finalizes cryptocurrency regulations.
When it takes effect, the collaboration will allow the use of up to 12 types of cryptocurrencies that Bitthumb deals with as a means of payment, including Bitcoin, Ethereum, and Ripple.
The new payment method, which will be available as part of the website’s ‘Wonder Pay’ system, directly connects Bitthumb and WeMakePrice without having to make use of computer networks between banks and credit card companies, which is expected to raise efficiency.
Cryptocurrencies have become popoular as a means of investment in South Korea, given the fluctuations in price. However, WeMakePrice and Bitthumb hope to tackle the issue by reflecting the market value of cryptocurrencies in real time.
In other words, customers who wish to make a purchase using cryptocurrencies on WeMakePrice will be charged in accordance with the market price of the desired cryptocurrency at that very moment.
“It’s true that we are in talks with Bitthumb for a possible collaboration project, allowing customers to make payments more conveniently through the Wonder Pay feature. However, we have yet to hammer out the details of the deal,” a WeMakePrice official said.
Another e-commerce company, TMON, is also considering accepting cryptocurrencies.
“Details such as payment limits or safety issues are being discussed within the company. In light of the recent hacking scandal, however, we are taking a more cautious approach,” an official at TMON said.
No major shopping mall in South Korea to date has accepted cryptocurrencies, while U.S. shopping malls Overstock and Newegg have recognized cryptocurrencies as a legitimate means of payment.
Since Bitcoin first appeared in 2009, more than 1,000 types of cryptocurrencies have been exchanged around the world.