BC Card is set to expand its cross-border QR payment network, allowing foreign visitors to use the QR payment services they are accustomed to in their home countries while in South Korea. The company announced plans to accelerate the establishment of a global QR payment hub.
On July 20, BC Card revealed that it has signed a memorandum of understanding (MOU) with the Financial Settlement Agency to enhance and activate cross-border QR payment services.
This agreement aims to move away from the previous method of individual country integrations and leverage the cross-border QR payment network being developed by the Financial Settlement Agency to expand services throughout Asia. To achieve this, they will jointly establish service specifications and operational systems based on Customer Presented Mode (CPM), where customers generate QR codes for payments.
Building on its experience with QR payments for visitors from Taiwan and Japan, BC Card is looking to broaden its reach in the global market. Analysis of QR payment data from Taiwanese and Japanese visitors in South Korea revealed that the number of transactions increased 7.3 times, and the payment amount surged ninefold over two years.
BC Card plans to participate as a key acquirer connecting the Financial Settlement Agency's cross-border QR payment network with its domestic QR merchant infrastructure. This initiative aims to expand QR payment services from various countries, including those in Southeast Asia, into South Korea.
Once the service is expanded, international tourists will be able to use the QR payment services they are familiar with at approximately 300,000 Paybook QR merchant locations across the country, including convenience stores and duty-free shops, without needing to install separate apps.
Kim Young-woo, President of BC Card, stated, "This is a significant collaboration that connects the cross-border QR payment network being established by the Financial Settlement Agency with BC Card's domestic QR merchant infrastructure. We will continue to expand services so that more foreign visitors can conveniently use QR payments anywhere in the country and provide new payment opportunities for merchants."
* This article has been translated by AI.
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