Overseas Visitors Can Now Make Easy Payments Using QR Codes

Published 09 Feb.2021 10:56(KST)

[Asia Economy Reporter Jang Sehee] From the first half of this year, domestic tourists visiting overseas will be able to make payments for products using the electronic entry log (QR code).

The Ministry of Economy and Finance announced on the 9th that, as a result of operating the 2nd rapid confirmation and exemption system for new business regulations, it confirmed that there are no related regulations for a total of four projects, including providing simple payment services to tourists visiting overseas. The rapid confirmation and exemption system for new business regulations is a system where remittance and currency exchange service providers can apply for regulatory confirmation of new businesses, and the Ministry of Economy and Finance responds within 30 days regarding whether regulations apply, and exempts regulations if necessary.

This system allows domestic tourists to scan a QR code through a credit card company app when purchasing products overseas, after which payment information is transmitted to the credit card company to complete the payment. Domestic fintech companies plan to launch the service in the first half of this year after recruiting overseas merchants.

Additionally, banks will be able to mediate small overseas remittance services between customers and overseas remittance agents. When a customer applies for overseas remittance through a bank counter or mobile application, the bank will transmit the remittance information to the remittance agent to facilitate payment.

Furthermore, domestic banks will be able to provide services through partnerships with global remittance companies rather than foreign banks.

The Ministry of Economy and Finance plans to revise the Foreign Exchange Transactions Act in the first half of this year to allow online currency exchange operators to pay foreign currency directly to customer accounts. Also, tasks confirmed to have no regulations will be promptly processed in follow-up procedures to actively support the business promotion of applying companies.