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macroJul 21, 2026, 9:17 AM

South Korea Expands Digital Payment Pilot to 500,000 Wallets

South Korea will expand its digital payment pilot from 100,000 to 500,000 wallets, involving nine banks in the second phase. Testing may begin in September, with users paying via deposit tokens and a higher storage limit of 10 million won per wallet.

South Korea is scaling up its digital payment pilot program, increasing the number of participant wallets from 100,000 to 500,000 for the second phase. Nine banks will join the experiment, which could launch as early as September.

Under the expanded pilot, users will transact using deposit tokens—a digital representation of funds held in bank accounts. The storage limit per wallet will be raised to 10 million won (approximately $7,500 at current rates). New features include peer-to-peer transfers, biometric authentication, and automatic top-up functionality.

Source: ForkLog