The overseas offline payment amount of three domestic easy payment companies—Naver Pay, Kakao Pay, and Toss (Viva Republica)—has increased about fourfold in one year. Easy payment companies are focusing on increasing their performance offline in the domestic market and on QR code payments overseas after the COVID-19 pandemic.
According to the industry on the 31st, the overseas offline payment amounts for Naver Pay and Toss Pay in the first half of the year increased about fourfold compared to the same period last year. Kakao Pay has not yet released its first-half overseas offline payment performance, but it is said to show a similar increasing trend as its competitors.
Last year, the overseas payments of these three companies amounted to 640.311 billion won. If this trend continues, their overseas payment amount is expected to surpass 2 trillion won this year.
The overseas market offline payment amounts of easy payment companies have significantly increased since the COVID-19 pandemic. The overseas payment amount, which was 117.734 billion won in 2022, surged to 640.311 billion won last year, marking a 443% increase over two years. During the same period, the number of payments also rose 430% from 5.066 million to 29.588 million.
Easy payment companies are expanding their business by increasing the number of stores that support QR payments in overseas markets. As long as the easy payment app is installed, payments can be made abroad without separate currency exchange or card issuance.
In local retail stores where QR payments are not possible, easy payment usage is not feasible. In response, the three easy payment companies are compensating for this drawback with physical cards.