<p>South Korean credit card issuer BC Card announced Wednesday (local time) that it has launched a non-fungible token (NFT) issuance <a href="https://economist.co.kr/article/view/ecn202310040002" rel="noopener noreferrer nofollow">service</a> linked to card payments — the first of its kind in the country — marking a significant step in the financial industry’s adoption of blockchain technology.</p><p>“The digital finance market is an area of technology and imagination, and it will continue to grow in various ways,” said BC Card Director Lee Sang-jun. “We are pioneering the industry by introducing payment-linked utility NFT services for the first time.”</p><h2 id="header-0">Revolutionizing the use of NFTs</h2><p>Typically, NFTs are primarily used to prove the uniqueness of digital assets based on their non-replicability, but the card issuer has now integrated them into card payments. This service offers customers proof of payments in the form of NFTs along with various other benefits.</p><p>BC Card has been preparing for the NFT market to pick up momentum since 2021. After rigorous internal testing, it first developed and opened its own NFT wallet dubbed “NFTbooc” on the private Ethereum network in April last year. Since then, the NFT wallet has been improved to be more user-friendly. Notably, it was integrated into BC Card’s financial platform PayBook in order to provide customers with a more convenient means to check their personal NFT holdings and participate in events.</p><p>The credit card company also issued limited edition NFTs through NFTbooc to celebrate the 40th anniversary of its foundation last year, making them available for both customers and employees. Even during the ongoing crypto winter, the company has continued efforts to integrate NFTs into customer services by facilitating NFT-based payments and emphasizing their technological value.</p><h2 id="header-1">Boosting customer engagement</h2><p>To celebrate the launch of the newest service, BC Card is also holding a special event for customers until December 31. Each participant will receive random missions, such as using their card within a specific time slot or at a specific store and engaging in a minimum number of transactions. Those who complete the challenges will be airdropped certificates of completion minted as NFTs after the event is closed with the chance to win cashback rewards of up to 100% of the amount of money that they spent during the challenge.</p><p>The card issuer plans to hold two additional events, which will be outlined on the PayBook and NFTbooc event pages.</p><p>The card company has also applied for three NFT-related patents this year, including one for issuing NFT receipts for secondhand transactions and asset certification NFTs that can be used to prove asset details in the event of a system failure at a given financial company.</p>

BC Card Launches Innovative Card Payment NFT Service

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