ZeroPay Payment Amount Increases 20-Fold: "We Will Grow It into a Global Simple Payment Infrastructure"

1st Anniversary Press Conference of Korea Easy Payment Promotion Agency
Zero Pay Cumulative Payment Amount 940 Billion KRW, 650,000 Merchants... Rapid Growth in One Year

The Korea Simple Payment Promotion Agency explained the achievements of its first anniversary and the progress and plans of the Zero Pay project at a press conference held on the 2nd at Seoul Square in Jung-gu, Seoul. The photo shows Chairman Yoon Wansu explaining the progress of the project. Photo by Korea Simple Payment Promotion Agency

[Asia Economy Reporter Kim Heeyoon] The Korea Simple Payment Promotion Agency, which operates Zero Pay, has marked its first anniversary. Over the past year, the number of affiliated merchants doubled to 650,000, and the payment amount increased twentyfold to 940 billion KRW. The agency plans to become a globally accepted debit payment infrastructure through service partnerships and expansions.

On the 2nd, the Korea Simple Payment Promotion Agency held a first-anniversary press conference at Seoul Square in Jung-gu, Seoul, where it explained the achievements of the first year since its launch and the progress and plans for Zero Pay operations.

The conference proceeded by explaining the progress over the past year since the agency's launch in November last year and future plans from two perspectives: infrastructure and services.

The agency announced that as of the end of October, the number of Zero Pay affiliated merchants reached 650,000, doubling from 300,000 at the same time last year. The payment amount rose to 940 billion KRW, a 20-fold increase from 47 billion KRW a year ago. Of the 940 billion KRW, 661 billion KRW was paid at small business merchants, resulting in a 7.3 billion KRW reduction in fees for small business owners compared to card usage. Since there are no fees on mobile gift certificates across all stages, the actual fee reduction effect is estimated to be even greater. The agency added that Zero Pay’s merchant fee rate ranges from 0 to 0.5%, offering about a 1.1% fee reduction compared to credit cards.

Director Yoon Wansu said, "Compared to the early days of launch, the number of merchants doubled and payment amounts increased twentyfold, showing rapid growth of Zero Pay within one year," adding, "We have strived to provide the cheapest and best service with the goal of reducing fees for small business owners."

Chairman Yoon Wansu stated, "Through the use of Zero Pay, the commission fee reduction effect for small business owners compared to card usage amounts to 7.3 billion KRW," adding, "Our goal is to increase the number of affiliated stores to 2 million by 2023." Photo by Korea Simple Payment Promotion Agency

Cumulative Mobile Payments Surpass 743 Billion KRW... 'Goal to Expand Merchants to 2 Million'

Since the agency’s launch, Zero Pay has actively expanded payment services such as mobile gift certificates and corporate Zero Pay, while also extending services to specific projects and campaigns including government project fund disbursements, electronic entry logs, welfare, and consumption coupons.

The cumulative mobile payment amount also increased from 4.4 billion KRW last year to 743 billion KRW, a 169-fold increase. This was due to increased usage from merchant expansion and disaster relief fund disbursements. Additionally, Zero Pay-linked gift certificates have expanded issuance to include Mobile Onnuri Gift Certificates, 46 types of regional gift certificates, and Small Business Mobile Onnuri Gift Certificates. In particular, the Small Business Mobile Onnuri Gift Certificate launched last September is popular as it offers benefits up to 200,000 KRW per month for purchasing food ingredients. Corporate Zero Pay, which allows institutions to pay business expenses and cash-like expenditures via Zero Pay, has been adopted and used by over 80 organizations including the Ministry of SMEs and Startups, Gyeongsangnam-do Province, and Busan City, with cumulative payments reaching 4 billion KRW as of October.

Furthermore, the Zero Pay consumption coupon, which provides 20% of the purchase amount when buying agricultural, livestock, and fishery products, has been confirmed to help support farms struggling due to COVID-19. The electronic entry log authentication service via Zero Pay QR codes reduces the inconvenience of manual logbooks when entering stores. Zero Pay is also utilized in welfare delivery systems such as child care coupons, COVID-19 school closure support funds, and rent support funds.

The agency aims to expand the number of affiliated merchants to 2 million by 2023. To strengthen the digital competitiveness of small business owners in the non-face-to-face era, it is promoting online debit services and preparing to establish a Zero Pay Big Data Center that collects and analyzes merchant information and payment data to support small business owner MyData. The agency also plans to expand partnerships with overseas popular simple payment services, starting with WeChat Pay, which will launch services at the end of this month, to establish Zero Pay as a global payment method.

Director Yoon said, “In the year since the launch of the Korea Simple Payment Promotion Agency, Zero Pay has quickly established itself in the daily lives of small business owners and consumers as a win-win payment infrastructure,” adding, “We will make every effort to develop Zero Pay into a globally accepted debit payment infrastructure and to create numerous added values through it.”

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