Photo courtesy of Yonhap News

 

[Alpha Biz= Ellie Kim] SEOUL, May 26 — Korea Financial Telecommunications and Clearings Institute is in discussions with Naver Pay and Kakao Pay to establish a cross-border QR payment system linking South Korea with India and Vietnam.

The initiative aims to allow travelers from the three countries to make payments using QR codes in each other’s markets. The project is targeted for completion within the year and follows recent agreements between financial authorities to expand cooperation, including payment infrastructure integration.

The institute is also coordinating with local financial institutions to support the rollout, with several major banks and card issuers expected to participate. By directly connecting to local QR payment networks, the system is expected to reduce reliance on third-party intermediaries and improve cost efficiency.

Industry participants said the move could significantly enhance convenience for cross-border travelers while strengthening Korea’s position in the global digital payments ecosystem.

 

 

 

 

Alphabiz Reporter Ellie Kim(press@alphabiz.co.kr)

https://www.alphabiz.co.kr/news/view/1065549279326376
This article is based on global economic content from Alphabiz, which distributes English-language news on Korean markets and companies to international audiences.

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