South Korea's BC Card is fast-tracking its digital wallet project to issue NFT receipts for secondhand luxury items, offering non-fungible token guarantees that ensure authenticity and transaction safety.

According to The Korea Economic Daily, to create its digital wallet so it can provide NFT receipts, BC Card has applied for two patents in the country. These copyrights are related to payment receipt-based NFT technology that will verify the purchase details when buying and selling used luxury items in the resale market.

Through the digital wallet that will soon be added by BC Card to its service offerings, reading, sending, and receiving the NFT receipt would be easy. Moreover, in case of loss, users do not have to download the receipt from the credit card issuer's website or app since there is an NFT receipt already.

BC Card mentioned that re-issuing the receipt is always difficult, especially when a long time has passed since the items were purchased. A company insider commented,

"Receipts registered on Facebook cannot be counterfeited or tampered with because of the use of blockchain technology. Distribution and storage on the server also eliminate the risk of loss."

NFT is a blockchain-based digital token that cannot be copied or exchanged. To turn physical receipts into non-fungible tokens, users must upload a file or image of the receipt to BC Card's payment app called Paybooc. The platform will then save the photo as an NFT on the blockchain.

CoinMarketCap noted that once minted into NFT receipts, users are guaranteed the quality and authenticity of the used luxury products they purchased. BC Card said this service will offer customers advantages such as safety, convenience, and security for buyers and sellers to be assured of transactions for secondhand luxury merchandise.

"Through this patent application, we expect to significantly enhance the trustworthiness of secondhand luxury goods transactions in Korea," BC Card's director of financial research unit, Kwon Sun Moo, said in a statement. "After the patents are registered, we plan to collaborate with companies under KT Group like KT Alpha as well as other distribution companies in a business-to-business-to-consumer (B2B2C) system."

Photo by: Towfiqu barbhuiya/Unsplash