RedotPay Halts New Card Issuance in South Korea, Ends Partnership Marketing

Hong Kong-based cryptocurrency payment provider RedotPay has halted the issuance of new physical and virtual cards to South Korean users, according to Seoul Economic Daily on July 15.

The company recently stopped all new card applications for domestic users through its app, displaying a message that card requests are unavailable in the user's region. This follows a temporary suspension of physical card issuance in May last year, when virtual cards remained available; this time both types have been suspended.

RedotPay has also ended its partnership marketing programs with affiliates and influencers who previously provided sign-up instructions or referral codes. The service, which allows users to pay at Visa merchants using cryptocurrency like USDT loaded into the app, saw approximately 25,000 domestic app downloads from January 2023 through July 2024.