Korea Financial Telecommunications and Clearings Institute has begun talks with Naver Pay and Kakao Pay to build a QR payment system linking Korea with India and Vietnam. The goal is to let domestic travelers and travelers from India and Vietnam pay in each other's countries using Naver Pay and Kakao Pay QR codes. After Chairperson Lee Eog-weon recently agreed with India and Vietnam to expand cooperation in the financial sector, work on building payment infrastructure appears to be gaining speed.
According to the financial industry on the 22nd, Korea Financial Telecommunications and Clearings Institute is working to establish, within the year, a system that would allow Korean travelers to pay by QR code in India and Vietnam, and travelers from India and Vietnam to pay by QR code in Korea. To that end, it is holding related discussions with Naver Pay and Kakao Pay.
In the past month, the Chairperson visited India and Vietnam and agreed with local financial authorities to expand cooperation. The cooperation includes linking QR payments. Building on this cooperation, Korea Financial Telecommunications and Clearings Institute secured the QR payment networks of India and Vietnam and is leading efforts to establish cross-border payment systems with the two countries.
Korea Financial Telecommunications and Clearings Institute is recruiting financial companies that will provide payment services using those networks. Shinhan Bank, Woori Bank, Hana Bank, Shinhan Card, and KB Kookmin Card have reportedly decided to offer QR payment services for India and Vietnam.
Naver Pay and Kakao Pay are continuing consultations with Korea Financial Telecommunications and Clearings Institute, taking current operating conditions into account. Naver Pay has already partnered with China UnionPay to provide a service that lets domestic users make QR payments locally in Vietnam. Korea Financial Telecommunications and Clearings Institute is said to have explained to Naver Pay that it can connect directly to the local payment network without paying separate fees to UnionPay.