SK Planet Japan and blockchain startup GatCoin plan to issue geo-targeted cryptocurrencies for Chinese tourists in Japan.

“Chinese tourism is booming, with more than 24 million arrivals to Japan last year,” says SK Planet Japan (SKPJ) CEO Steve Lee. “Bakugai, the Japanese word for Chinese ‘explosive buying’, hit more than $13 billion last year. We have an extensive network of retail stores, and getting them to spend is a strategic priority.”

SKPJ will use GatCoin’s targeted A-Drop technology to issue branded cryptocurrencies to Chinese tourists, who can use them to redeem beverage, fast-food and convenience-store products in SKPJ’s network of franchise partners.

“SKPJ coins can be traded in our ecosystem for Gat coins, a publicly traded global crypto-currency,” says GatCoin founder/CEO Simon Cheong. “This provides a way to monetise any retail coin issued on our platform, so it is very much like sending tourists a bit of spending money.”

The partners plan to roll out a complete suite of crypto-currency offerings for retailers in Japan covering loyalty programs, gift vouchers and prepaid cash credits.

“Providing an unlimited variety of spending options plus the liquidity of the crypto-currency markets is an extremely powerful combination,” says Lee. “This could possibly be one of the biggest marketing innovations since the invention of points.”

SKPJ is a wholly owned subsidiary of Korean mobile commerce and consumer services provider SK Telecom.

GatCoin is a distributed retail shopping platform that enables consumers to buy and sell digital currencies issued by retailers on its platform. It offers access to a retail network of more than 60,000 stores and 21 major global brands in Asia.