KMP HealthCare announced on June 4, 2018, that it has opened its doors in accepting cryptocurrency payment from those who will avail of their health care services.
KMP Health Care is situated at the Lotte World Tower in Jasmil Seoul, a well-known location for health care services in South Korea. KMP Health Care offers various treatment services such as outpatient care, cosmetic surgery, stem cell treatment, VIP healthcare checkups, and many more to local and foreign clients.
It is the first in the healthcare industry to accept cryptocurrency payment. Indeed a bold move for KMP to promote its services while using cryptocurrency. However, it does not accept Bitcoin or any other established cryptocurrencies for the meantime. It will only consider Life Care Global Coins (LGCC) which can be purchased through Coingenese exchange platform.
This platform is built by KMP Health Care to make the transactions easier with their customers. Also, this will save them from the hassle of the regular peer-to-peer transactions of cryptocurrencies.
Those who would like to pay using Life Care Global Coins must register in the Coingenese platform and create their electronic wallets. Once they are all set with their electronic wallets and they are already funded, they may visit the KMP Health Care payment office and pay for their medical bills in Life Care Global Coins instead of cash.
KMP Health Care plans to expand their services and cryptocurrency platform to make their medical services accessible to many Koreans and overseas clients.
This seems to be a step forward for the industry to revolutionize its payment systems. While the other businesses are still reluctant to use cryptocurrencies in their day-to-day payment and/or transactions, KMP Health Care has already made its mark as the first to use cryptocurrency in the healthcare industry. It will not be a surprise if KMP Health Care will introduce further developments on their payment and medical services in the future.
But we have to see yet how the introduction of cryptocurrency payment in the health industry in South Korea would fare. We will see how the healthcare industry and the government would take and respond to these changes. Will they follow the lead and adopt the cryptocurrency payment on their services and help create a cashless payment ecosystem in the healthcare industry?