South Korean Highways To Pave Way For Blockchain Payments

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Comserve Inc.

Aug 11, 2020, 12:00 EST

Bronx, United States, Aug 11, 2020, 12:00 /Comserve / -- One of the biggest commercial banks in South Korea, the KEB Hana Bank, along with state-backed highway operator, the Korea Expressway Corporation.

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South Korea, 10 August, 2020 – One of the biggest commercial banks in South Korea, the KEB Hana Bank, along with state-backed highway operator, the Korea Expressway Corporation, have reached an agreement to introduce toll payments based on blockchain across the highways of the country.

The report released states that both the parties that are a part of the deal decided to implement the blockchain solution with the aim to remove cash or credit card payments. This is in line with the Covid-19 pandemic which has given way to cashless transactions and contactless solutions.

According to the agreement, the parties will make use of the KEB Hana’s smartphone app called Hana One Q. This app will allow the motorists to defer their toll payments, pay in bulk and even receive funds. This allows less dependence on smart cards, credit cards, and even cash-based payments at various toll plazas across the country.

The two organizations also expressed their interest to boost their cooperation using blockchain technology for data transfer, sending and receiving processing a whole spectrum of data, and sharing service information.

The deal was approved by the Korean Ministry of Science, the ICT, and the Korea Internet Security Agency. KEB Hana also got approved for its blockchain mobile electronic verification program from the same agencies last year.

In a recent report, the South Korean government expressed its interest to invest over USD 48.2 billion in Industry 4.0 technologies like Blockchain by the year 2025. The goal of the country now is to promote the digitization of all industries in the post-pandemic era.

The head of the sales division at Korea Expressway Corporation, Kwang-Ho Lee said that the organization will continue to expand customized contactless (non-face-to-face) services for public use. This will be done with the help of blockchain technology which is a part of the Korean version of the digital new deal policy to push the global economy forward after Covid-19.

About KEB Hana Bank:

KEB Hana Bank provides services like commercial banking, corporate banking, investment banking, retail banking, foreign exchange, securities trading, credit card, trustee, and Internet banking.

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