Naver Pay, BC Card, and UnionPay are working together to establish a domestic payment service for foreign visitors in South Korea.
Naver Pay announced on August 25 that it has signed a memorandum of understanding (MOU) with BC Card and UnionPay to enhance payment convenience for foreign tourists. The three companies plan to integrate their payment networks and infrastructure to provide a more convenient payment service for international travelers in South Korea.
Under the agreement, Naver Pay will be responsible for developing and operating the service platform and payment infrastructure. BC Card will manage the domestic merchant network and related infrastructure, while UnionPay will provide the necessary integration infrastructure and technical support for foreign users making payments in South Korea.
The three companies aim to build the system with a target launch date set for next year. After the service is launched, they will also engage in joint marketing and promotional activities.
This collaboration focuses on connecting foreign payment methods with domestic merchant payment networks to reduce payment inconveniences for foreign visitors. It is expected to enhance the accessibility of domestic consumption for foreign tourists while also expanding opportunities for merchants to engage with international customers.
Park Sang-jin, CEO of Naver Pay, expressed his enthusiasm for the partnership, stating, "I am pleased to collaborate to expand support for domestic payment services for foreign visitors. We will actively work to create an environment where foreigners can make payments more easily."
* This article has been translated by AI.
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