- BC Card, a leading payment solutions provider in South Korea, has filed for two domestic patents to use NFT technology.
- The company aims to replace paper receipts by allowing users to upload them to their payment app.
- The blockchain-based digital receipts are secure against counterfeiting and tampering.
South Korea’s leading payment solutions provider, BC Card, has announced a initiative to revolutionize the used luxury goods market. The company has filed for two domestic patents for a unique non-fungible token (NFT) technology that aims to authenticate purchase details for secondhand luxury items.
Traditionally, paper receipts have been the go-to method for confirming the authenticity and details of a purchase. However, BC Card aims to digitize this process by converting these receipts into NFTs. Users can simply upload a photo or file of their receipt to Paybooc, BC Card’s payment app.
The app then automatically converts the receipt into an NFT and stores it on the blockchain. This digital receipt can be read, sent, and received through a soon-to-be-released digital wallet by BC Card, eliminating the need for downloading the receipt from a credit card issuer’s website or app.
The use of blockchain technology ensures that these digital receipts cannot be counterfeited or tampered with. “Receipts registered on the blockchain eliminate the risk of loss and act as a digital guarantee,” said a source from BC Card. The company believes that this technology will be particularly useful in transactions involving secondhand high-end luxury bags, watches, and limited-edition sneakers.
According to the Korea Internet and Security Agency, the domestic market for used goods in South Korea is expected to grow from 24 trillion won ($18.1 billion) in 2021 to over 30 trillion won this year. BC Card plans to leverage the payment receipt data for hyper-personalized marketing through its artificial intelligence consumption analysis.
The initiative by BC Card is a significant step towards modernizing the used luxury goods market and could set a precedent for other industries to follow.