[News Terms] 'DTM' Rapidly Installed Throughout Seoul City

Handling 89 Currencies from 17 Countries Including Won, Dollar, Yen, Euro, and Yuan
Transactions via 'Electronic Wallet (QR)' Issued After Identity Verification (KYC)
Improving Foreign Exchange Convenience and Supporting Tourism Industry Revitalization

The digital ATM called 'DTM' is spreading and being installed throughout Seoul, which is expected to enhance the convenience of currency exchange for foreign tourists.

'DTM (Digital Auto Teller Machine)' is a legal currency unmanned digital ATM that applies blockchain technology. DTM handles 89 types of currencies from 17 countries, including international standard currencies such as the Korean won, US dollar, Japanese yen, European euro, and Chinese yuan, as well as currencies from countries frequently visiting Korea such as the Philippine peso, Vietnamese dong, and Russian ruble. Exchange rates are applied in real-time based on the exchange day.

Anyone, domestic or foreign, without a bank account can use it. It is provided with a daily limit of up to 2,000 dollars per person, and most currencies of major countries frequently visiting Korea, including international standard currencies such as the dollar, yen, euro, and yuan, as well as the Philippine peso, Vietnamese dong, and Russian ruble, are serviced.

Anyone, domestic or foreign, can use the DTM, and to use the DTM, it is mandatory to carry identification such as a resident registration card, driver's license, or passport to prove one's identity and to complete the non-face-to-face identity verification (KYC - Know Your Customer) process.

Through the KYC process, after verifying the authenticity of the ID, email authentication, and AI facial recognition, an electronic wallet (QR) is issued, and users can use the service by directly depositing the foreign currency bills they wish to exchange. Transactions with existing domestic and international financial networks are conducted through the electronic wallet issued via server linkage with DarwinKS, the manufacturer of the DTM.

Until now, foreigners visiting Korea had to first exchange their home currency into dollars or euros and then exchange again into won after arriving in Korea, bearing exchange fees twice. However, through the DTM, currencies of major countries frequently visiting Korea such as the Philippines, Vietnam, and Russia can now be deposited directly and exchanged.

Services such as foreign currency exchange, foreign currency deposit (won charging), digital money withdrawal, overseas remittance, and tax refund (in-city refund) are provided, and the minimum bill value amount (change) under 1,000 won generated during the exchange process is not discarded but deposited into individual electronic wallets.

According to DarwinKS, a blockchain fintech (finance + technology) platform, since installing the first DTM at the Emart24 Samcheong-dong convenience store in November last year, additional DTMs have been placed at Emart24 Myeongdong Jungang-ro branch, Starfield COEX Mall 2nd branch, and from last month at NewCore Department Store Gangnam branch 1st floor, Bucheon branch 4th floor customer consultation room, NC Department Store Songpa branch 6th floor, Shingu-ro branch basement 1st floor, Gangseo branch basement 1st floor, and on the 25th of last month, an additional DTM was installed at Dokkaebi Mart Myeongdong branch.

With the spread and installation of DTMs, currency exchange and remittance have become possible regardless of time and place. Since there is no longer a need to use private exchange offices paying considerable fees late at night, the convenience of foreign currency exchange for foreigners has improved, which is also evaluated to help revitalize the tourism industry.