Korea’s QR Payment Revolution for an Unparalleled Experience
In a strategic move to elevate the tourism experience and boost economic growth, the Korea Easy Payment Foundation (KEPF) has partnered with GLN International. This collaborative effort aims to revolutionise cross-border QR payments, offering international visitors a seamless and hassle-free transaction experience.
This partnership combines the strengths of both organisations: KEPF, renowned for its ZeroPay network, spanning 1.72 million merchants, and GLN International, a specialist in global QR payment networks. The primary objective is to stimulate domestic spending among foreign tourists by providing an efficient payment solution.
The initial phase of this collaboration will introduce cross-border QR payments in key regions such as Laos, Thailand, and Taiwan within the current year. Subsequently, the initiative will expand to encompass additional Southeast Asian countries and global regions.
Choi Tong-ju, CEO of KEPF, expressed the organisation’s commitment to encouraging foreign tourists to invest in the Korean economy through cross-border QR payments. He emphasised the mutual attraction between Korea, Taiwan, and Thailand, where tourists are eager to explore Korean culture and cuisine. This, in turn, is expected to benefit small and medium-sized merchants and stimulate local economies significantly.
GLN International, an affiliate of Hana Bank, specialises in global payment network services, serving as a vital link between financial institutions, distributors, and merchants. Their services include QR payments, QR withdrawals (ATM), and cross-border remittances via mobile platforms, effectively transcending national boundaries.
Kim Kyung-ho, CEO of GLN International, conveyed his enthusiasm for this partnership, highlighting the convenience it will bring foreign tourists visiting Korea, who now have access to ZeroPay QR merchants. He emphasised the pivotal role of ZeroPay in realising their strategy for expanding the global payment network, with plans to contribute to local economies and small and medium-sized enterprises substantially.
The adoption of QR code payments continues to gain momentum worldwide, with a particular surge in popularity across Asia. Market data provider Juniper Research predicts that the volume of QR code payments across Southeast Asia will soar from 13 billion in 2023 to approximately 90 billion in 2028. This upward trajectory underscores the significance of initiatives like the KEPF and GLN International collaboration in the evolving landscape of digital payments.
