Transforming Cross-Border Transactions
Digital assets are revolutionizing how money is sent across borders by reducing currency conversions, increasing transparency in transactions, and slashing fees and settlement times.
This transformation benefits travelers too. To boost inbound tourism, Crypto.com partnered with KG Inicis, a major player in South Korea’s payment market.
This partnership is significant as it integrates Crypto.com Pay into the largest payment gateway network in South Korea,” said Joel Hugentobler, a Cryptocurrency Analyst at Javelin Strategy & Research. It aims to facilitate faster and cheaper cross-border transactions while boosting adoption. For successful integration, Crypto.com must ensure smooth point-of-sale experiences and regulatory compliance.”
Stablecoins are likely to be used more frequently than typical cryptocurrencies, but offering a range of options is essential for attracting customers.
The transactions will be instantly converted to KRW (South Korean won) for merchants, ensuring that volatility risks are managed effectively.
Addressing Volatility
Growing demand for payment flexibility has driven the rise of payment gateways. Initially designed to enable crypto at checkout, these platforms have evolved into comprehensive payment orchestration systems.
This development is due in part to the expanding digital asset ecosystem and the need to address volatility risks—especially for merchants who prefer transactions converted into fiat currency by the gateway provider.
Lifting Tourism
By mitigating these risks, crypto payment solutions make it easier for merchants to accept digital assets. Lower transaction costs, faster settlement times, and enhanced security are significant advantages, but rising customer demand is key to adoption.
A survey by PayPal and the National Cryptocurrency Association found that many merchants receive inquiries about crypto payments from younger customers—such as millennials and Gen Z—who prioritize experiences over traditional transactions.
As these younger consumers increasingly seek out travel and dining options that offer digital payment flexibility, integrating crypto payment options is becoming a strategic move for businesses aiming to boost tourism.
