In order for won stablecoins to replace credit cards, it is analyzed that more than 70% of all merch..

In order for won stablecoins to replace credit cards, it is analyzed that more than 70% of all merchants must first have an environment in which they can receive stablecoins payments. However, there is still a lack of discussion on how to build the actual payment infrastructure and who will pay for it, so it is pointed out that realistic preparations are needed before introducing the system.

According to a report by the Korea Financial Research Institute on the impact of the spread of stablecoins on the proportion of card payments on the 1st, the branch point where consumers start to choose stablecoins as an actual payment method was analyzed to have a 70% acceptance rate for merchants. Even in the trust-type model in which banks or platforms store and pay stablecoins, the use rarely occurred when the acceptance rate of merchants was less than 50%, and the use rate increased meaningfully only when it exceeded 70%.

The researchers analyzed changes in consumer choice by applying a scenario that increased the acceptance rate of merchants by 10 percentage points from 10% to 90%. As a result, it was found that how much of the environment in which merchants can actually pay is a key variable that determines the spread of stablecoins, rather than discount promotions or rewards expansion.

Currently, the domestic payment market is built around credit cards. Introducing stablecoin payments may require maintenance of the overall payment infrastructure, such as software updates of merchant terminals, NFC (Near Field Communication) functions, establishment of QR payment systems, and reorganization of settlement systems for value-added communication networks (VANs) and electronic payment agencies (PGs). However, discussions on who will bear these costs and how to standardize them are still in the early stages.

Even from the perspective of small business owners, there is not much incentive to actively introduce stablecoin payments. This is because adding a new payment method when card payments are already possible will incur costs and operating burdens. Analysts say that if clear economic benefits such as reducing commissions or improving settlement speed over cards are not proven, the spread of merchants may be slower than expected.

The report also emphasized that the key to the spread of stablecoins is securing payment infrastructure. Until the acceptance rate of franchisees reaches a certain level, promotion effects such as discounts and cashback are also limited, and policy decisions are needed on whether the government will standardize and provide institutional support only to the private sector.

An official from the financial sector said, “It is difficult to replace cards if there are not enough merchants who can pay even if consumers want to use stablecoins,” adding, “The future competition is likely to depend on how many merchants are secured and the payment network is established rather than the size or discount rate.”