CU Launches 'Immediate VAT Refund Service' for Foreign Tourists

Expansion to over 1,000 items by the end of next year

CU will implement an immediate VAT refund service for foreign tourists. (Photo by BGF Retail)

[Asia Economy Reporter Lim Chunhan] CU announced on the 27th that it will implement an immediate VAT refund service for foreign tourists in line with the global reopening (resumption of economic activities) trend.

CU, in collaboration with Nice Information & Telecommunication and Road System, has developed the industry's first system that allows VAT refunds directly through the POS terminals installed in stores without the need for separate devices.

Unlike the existing post-refund system, foreign tourists can scan their passports (both physical and mobile) with the POS scanner when purchasing products at CU, and immediately pay the amount with the VAT deducted. The payment amount eligible ranges from 30,000 KRW to less than 500,000 KRW.

CU will first apply this service to about 50 stores, including major tourist areas with high VAT refund demand, and plans to expand the service to about 1,000 stores nationwide by the end of next year.

A BGF Retail official said, “We are making various efforts to enhance shopping convenience for foreign tourists,” adding, “By developing the industry's first immediate refund system that can be introduced in all stores, we expect to convey a positive image of Korea and K-convenience stores.”

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