Crypto.com taps KG Inicis for tourist crypto payments in South Korea
By Anonymous
The partnership targets foreign travelers in South Korea, adding real-world merchant access through a major local payments processor.
Crypto.com has partnered with KG Inicis, one of the largest South Korean payment gateways and value-added network providers, to introduce crypto payment options for foreign visitors across the country.
KG Inicis, which processes hundreds of millions of transactions annually with its service used by around 190,000 affiliated merchants, will support the rollout of Crypto.com Pay across its network, according to a Tuesday announcement.
“KG Inicis boasts an unrivalled merchant acceptance network with 40% market share and we’re proud to partner with this fintech powerhouse to make digital asset payments easier for travellers to Korea,” Eric Anziani, president and chief operating officer of Crypto.com, said.
Foreigners can’t easily pass domestic identity checks in South Korea, which has led regulators to create special payment arrangements for them. Earlier this year, the Financial Services Commission approved new sandbox services for foreign visitors, including “prepaid electronic payment instrument service exclusively for foreign visitors to Korea,” which raises the anonymous prepaid payment limit for tourists from 500,000 won to 1 million won.
Related: Cambodia’s Bakong Tourists app boosts regional payment options
The integration allows international travelers to pay for goods and services using digital assets at both physical stores and online platforms. Merchants will have the option to receive funds instantly in fiat or digital assets.
Beyond payments, the two companies said they are exploring additional areas of cooperation, including joint marketing efforts and new product development, subject to regulatory approval.
The partnership comes as Crypto.com continues to expand services. In February, the exchange received conditional approval for a US national bank charter, paving the way to operate as a federally regulated digital asset custodian. Before that, the platform earned ISO certification for AI systems management, signaling a push deeper into the sector.
Related: Thailand to allow crypto spending for tourists, eyes regulatory reform
In May 2025, Bhutan introduced a crypto payment system for tourism through a partnership with Binance Pay and DK Bank, allowing travelers to pay for hotels, tickets and services using over 100 cryptocurrencies.
In August, Thailand also announced plans to launch an 18-month “TouristDigiPay” program allowing tourists to convert crypto into Thai baht for spending, with merchants receiving fiat rather than digital assets.
However, crypto is still rarely used for everyday payments. As Cointelegraph reported, surveys show some crypto holders have spent Bitcoin at least once, but usage is infrequent and concentrated in online, cross-border and high-value purchases rather than daily retail. Even in El Salvador, adoption for routine spending remains low.
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Source: CoinTelegraph
