ZeroPay: Enjoyment for Both Small Business Owners and Consumers in the 'Phonosapiens' Era

Ha Sun-young, Head of Zero Pay Activation Support Team, Gyeongnam Small Business Association

Haseon-yeong, Head of Zero Pay Activation Support Group at Gyeongnam Small Business Association. (Photo by Asia Economy)

[Asia Economy Yeongnam Reporting Headquarters Reporter Hwang Choi Hyun-joo] There are people who find it difficult to think or live without a smartphone. In February 2015, the British economic magazine The Economist described this phenomenon as ‘Phono Sapiens’.

With the advancement of smartphones, things once thought to be experienced only in the distant future are now commonly used in everyday life. Zero Pay is a prime example gaining attention for this reason.

Zero Pay has the advantage of being simple and convenient for anyone to use. After installing the application called ‘Beeple Zero Pay’ on a smartphone, users can link it to their main bank account or local love gift certificates issued by 18 cities and counties in Gyeongnam Province and use it.

In particular, it alleviates concerns about fees for small business owners who have signed up as merchants, and consumers can purchase desired items with just their smartphone without carrying cash or a wallet separately. Because of these advantages, it is expected to promote the activation of the 4th Industrial Revolution in the future.

Zero Pay was implemented in December last year in both Seoul and Gyeongnam, but the most active area is Gyeongnam. Among 198,900 small business locations in Gyeongnam, as of July this year, 81,216 have signed merchant contracts, and among the 18 cities and counties, Changwon is reported to be the most widely used and utilized.

The reason Zero Pay, which was almost dismissed as a useless financial service, has become so widely activated is due to the collaboration between Gyeongnam Province and the Gyeongnam Small Business Association. Ha Sun-young, head of the activation support team at the Gyeongnam Small Business Association, predicted that if Zero Pay develops further, it could easily surpass China, which has created a huge pay market, and revive the economy.

Gyeongnam Governor Kim Kyung-soo attempting a Zero Pay payment. (Photo by Gyeongnam Province)

Below is a Q&A session

- Interest in Zero Pay has spread like wildfire. Is there a special reason?

▲ It is believed to have been activated as local government disaster relief funds were paid out in the form of local love gift certificates due to the novel coronavirus infection (COVID-19). The biggest factor was the elimination of the inconvenience of having to always carry paper gift certificates. You just need to enter the gift certificate serial number through the app, and you can even gift it to acquaintances or family who need the gift certificates via the app. Inquiries about when the gift certificates will be released are flooding in even now. This year, 43 billion won worth of gift certificates have been sold.

- Zero Pay was created around the same time as in Seoul, but why has Gyeongnam developed it more significantly?

▲ Gyeongnam’s success is due to the payment method desired by small business owners. Gyeongnam Province has supported the association to take the lead, and they are collaborating with each other. Many small business owners feel alienated by new payment methods, so to resolve difficulties and discomfort, they thought of linking it through local love gift certificates.

- What are the future plans or vision for the activation of Zero Pay?

▲ We are planning various benefits and events that can provide more advantages to small business owners and consumers. In particular, if we lead the ‘Gyeongnam Tourism Era,’ which allows easy access to local restaurants and tourist attractions via smartphones, we expect to promote regional economic revival through Zero Pay and match it with financial services needed for the 4th Industrial Revolution.

This content was produced with the assistance of AI translation services.