A Look at Cryptocurrency Trading, iGaming & Regulation in South Korea
February 24, 2021
South Korea is among the countries at the forefront of cryptocurrency adoption. What is the current state of cryptocurrency in South Korea?
Besides payment methods like credit/debit cards, e-wallets, and bank transfers, mobile money transfers are increasingly becoming popular. One of these mobile payment gateways is M-Pesa, launched in 2007 by telecommunications company Vodafone. Since it went live, M-Pesa expanded operations in Kenya, Tanzania, Afghanistan, and South Africa, to name a few.
M-Pesa lets users deposit money into an account stored on their mobile phones. But before they could add player funds, they must first top up their mobile account. They can do this by handing in their deposit amount to an authorized agent. Once that is done, bettors can send their preferred amount to the mobile number provided by the casino. They then have to verify the transaction through text.
Meanwhile, cashing out is just as simple. Gamers must key in their mobile number to proceed with the withdrawal. Once they receive their funds, they can cash out through one of M-Pesa’s authorized agents.
Currently, M-Pesa is a payment method only in betting sites in Kenya. This includes online sportsbook Betin Casino.
