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South Korea’s BC Card on Sunday said it has applied for two domestic patents for payment receipt-based non-fungible token (NFT) technology to confirm purchase details when trading used luxury goods.
An NFT is a unique blockchain-based token that cannot be exchanged or duplicated.
To convert a receipt into an NFT, a user uploads a picture or file of the receipt to Paybooc, BC Card’s simple payment app, which automatically saves a photo of it as an NFT on the blockchain.
An NFT receipt can be read, sent and received through a digital wallet coming soon from BC Card. This will remove the need for downloading the receipt from a credit card issuer’s website or app in case of loss.
Reissuance of the receipt is also difficult after a certain period has elapsed since purchase.
“Receipts registered on Facebook cannot be counterfeited or tampered with because of the use of blockchain technology,” a BC Card source said. “Distribution and storage on the server also eliminate the risk of loss.”
BC Card said the technology for which it applied for patents will act as a “digital guarantee” on the used goods market, whose transactions have surged. The NFTs will especially be used in transactions for secondhand high-end luxury bags, watches and limited edition sneakers.
The Korea Internet & Security Agency predicted that the domestic market for used goods is expected to grow from 24 trillion won ($18.1 billion) in 2021 to over 30 trillion won this year.
BC Card will apply the payment receipt data registered by customers to hyper-personalized marketing in its artificial intelligence consumption analysis.
Write to Mi-Hyun Jo at mwise@hankyung.com