OK Cashbag, founded in 1999 in South Korea, remains the most popular points program that enables clients to accumulate cash by purchasing at a wide range of partnering shops. Points can be used, tracked, combined, gifted, and shared.
SK Planet, the e-commerce arm of communication giant SK Telecom that operates OK Cashbag, presented the plan to utilise a Blockchain system to tokenise points earned by users in order to run the service more securely. Currently, 1 point equals to 1 Korean won, and if the project works out, points will be also converted into stable coins, such as the U.S. dollar-pegged tether cryptocurrency.
The plan, temporarily called OKX, is waiting for approval of the regulator under the Electronic Financial Transactions Act mandate.