CHERRY launched Korea’s first charity card ‘CHERRY Card’ thoroughly disclosing donations

If you are wondering, ‘Was my donation delivered to people who really need it and put to good use’?

CHERRY Charity Platform launched ‘CHERRY Card’, Korea’s first charitycard…

Disclose the details of donation spending transparently

• CHERRY, launched Korea's first charity-only prepaid card, 'CHERRY Card', executed donations worth KRW 170 billion together with the E-Land Foundation and Anseong Volunteer Center, and transparently disclosed the spending of donations

• After giving cards to beneficiaries, reliability is ensured by transparently recording the expenditure and card use details according to the purpose of fundraising

• In conjunction with blockchain technology, the ‘CHERRY Microtracking’ service, which discloses the flow of donations to donors from fundraising to spending, is also scheduled to be launched in early 2022.

'CHERRY', the first blockchain-based charity platform in Korea, launched 'CHERRY Card', a charity-only card, and signed contracts with institutions such as the E-Land Foundation and Anseong Volunteer Center to provide CHERRY Card for executing donations worth 700 billion won. The ‘CHERRY Card’ is Korea’s first prepaid charity-only card designed exclusively for donation execution, guaranteeing transparency, convenience and diversity in donation spending.

In July 21, as a result of a 'donation culture awareness survey' conducted by a media company targeting 30,000 people, half of the respondents cited 'distrust' as the reason for not participating in donations. In addition, 73.6% of respondents who have participated in donations answered that they do not know how donations are used, revealing a critical mind about the opacity of donation execution. As a solution to the growing distrust of donations, the CHERRY Card, which guarantees transparency, is expected to be a solution.

The biggest feature of CHERRY Card is that it transparently records and discloses the use of donations. The charitable organization provides CHERRY cards instead of cash to beneficiaries in need. When a beneficiary who receives a CHERRY Card uses the CHERRY Card for a purpose such as purchasing daily necessities or groceries, the card usage history is recorded and disclosed in the system of CHERRY, a blockchain charity platform, and the beneficiary enters the proof of purchase for each expenditure. It proves that the CHERRY Card was used for the intended purpose. In addition, the CHERRY Card is a clean card that is restricted for use in the entertainment and gambling industries, minimizing the possibility of misappropriation of donations.

In addition to the fact that donors can donate with confidence without worrying about misuse of donations, there is also an advantage that recipients of support can maximize the effectiveness of donations by using them in a way that suits their circumstances. When a charitable organization pays cash to a beneficiary, a problem with misappropriation of donations may occur, and when an item is provided to prevent this, it is practically difficult to select the necessary item in consideration of each beneficiary's situation. On the other hand, when paying CHERRY Cards, it is convenient because you can easily purchase necessary items for each beneficiary without paying cash to the beneficiary.

In addition, the convenience of donation organizations that manage donations was actively considered. With the CHERRY Card, you can more simply and transparently check where the beneficiaries' donations are used, and proceed with the donation execution and management process quickly and flexibly.

On the other hand, in addition to transparently recording and managing donation usage information through CHERRY Card, CHERRY plans to introduce the 'CHERRY Microtracking' service, which transparently inquires the flow of donations like a delivery location inquiry service, in early 2022. It is explained that the entire process from donations collected from sponsors to beneficiaries through donation organizations to final expenditure is transparently disclosed and recorded on the blockchain.

Lee Sujeong, CEO of E4Net, an IT company that operates and develops CHERRY, said, "I am proud to be able to introduce CHERRY Card, which transparently records the history of donations for the first time in Korea, thanks to the expectation that it is the first blockchain charity platform in Korea. Through technology, we will do our best to ensure that the precious donations from our supporters are delivered to neighbors in need and used in a desirable way.”