Samsung to Explore South Korea’s CBDC for Payments

Many countries are very interested in central banks digital currencies. Samsung has also decided to take a step in this regard. Finally, it will explore South Korea’s CBDC for offline payments.

The parties signed a joint agreement at Samsung’s headquarters in Suwon, Gyeonggi Province. The company had joined the CBDC project last year under the leadership of BOK. At the time, he developed offline CBDC technology that enables device-to-device transfers and payments via near field communication (NFC) even when both the sender’s and receiver’s processing devices are not connected to the internet.

The previous agreement between Samsung and the Bank of Korea allows users to transact with Samsung mobile devices without credit cards and cash, even in remote areas where there is no network connection. Samsund made the following statement:

Based on this technology, both parties plan to continue to explore using the company’s Galaxy smartphones and watches to minimize the security risks associated with offline payments and enable payments that do not support network connectivity in disaster situations.

Lee Seung-heon, Senior Vice President of the Bank of Korea, said:

We are delighted to have developed the first offline CBDC technology for a central bank with Samsung Electronics. Through the collaboration, we look forward to Korea continuing to lead the way in offline CBDC technology that is actively being explored by global central banks.

Choi Won-joon, head and vice president of R&D office of Samsung’s Mobile eXperience (MX) division, commented on the subject:

Collaboration with BOK has allowed us to apply Samsung’s advanced security technology to the digital currency space. Based on our collaboration, we hope to make a significant contribution to the development of offline CBDC technology globally in Korea.