Korea Easy Payment Foundation teams up with GLN International for smoother cross-border QR payments, enhancing tourism and economic growth. The collaboration aims to establish a robust QR payment infrastructure, enabling seamless cross-border transactions for international visitors.
The agreement leverages the strengths of both entities: KEPF’s ZeroPay, which boasts a network of 1.72 million merchants, and GLN International, renowned for its global QR payment network. The goal is to invigorate domestic consumption among foreign tourists by providing them with a hassle-free payment experience.
The collaboration plans to roll out cross-border QR payments initially from key regions such as Laos, Thailand and Taiwan within the current year. The scope will then expand to encompass other Southeast Asian countries and additional global areas.
Choi Tong-ju, CEO of KEPF, said: “We are willing to encourage foreign tourists to spend in Korea by adopting cross-border QR payment. In particular, Korea is a top destination for the region of Taiwan and Thailand tourists, and vice versa especially like to experience Korean food and lifestyle culture, which is expected to greatly help small medium size merchants and revitalise local economy.”
GLN International, an offshoot of Hana Bank dedicated to global payment network services, functions as a nexus connecting financial institutions, distributors and merchants. Its suite of services includes QR payments, QR withdrawals (ATM), and cross-border remittances through mobile platforms, transcending national boundaries.
Kim Kyung-ho, CEO of GLN International, also expressed enthusiasm about the partnership, stating: “I am happy that foreign tourists visiting Korea will be able to use the ZeroPay QR merchants more conveniently. ZeroPay is a very important partner in realising our strategy for global payment network expansion, starting with this agreement, we are planning to make a remarkable contribution to local economies and small medium enterprises.”
QR code payments continue to grow globally, particularly across Asia. The volume of QR code payments across Southeast Asia will increase from 13 billion in 2023 to around 90 billion in 2028; according to market data provider Juniper Research.