Starting today, tourists from Korea visiting Indonesia can make QR payments with the mobile apps they use at home, without separate currency exchange.
On the 1st, the Bank of Korea (BOK) said it has teamed up with Korea Financial Telecommunications and Clearings Institute, Woori Card, and KB Kookmin Bank to launch, starting today, a Korea-Indonesia QR-based payment service that allows domestic customers to scan QR codes and pay in Indonesia.
According to the Bank of Korea (BOK), starting today, customers visiting Indonesia can use the QR payment service through the Woori Card and KB Kookmin Bank apps. Service providers will later expand to Shinhan Bank and Woori Bank, Hana Bank, Shinhan Card, KB Kookmin Card, GLN, and Travel Wallet.
The payment process is also being simplified. When a Korean customer scans a local QR code at a store in Indonesia, the domestic app displays the amount in won, including the exchange rate and fees. After confirming this amount and finalizing the payment, funds are withdrawn from the Korean account and the payment is completed. Because no separate currency exchange is needed in this process, the fee burden is expected to decrease.
Indonesian tourists visiting Korea can pay in the same way. They can scan the Seoul Pay QR code in Korea with an Indonesian financial app. The Bank of Korea (BOK) plans to expand the service to allow payments with Zero Pay QR codes as well.
Meanwhile, the Bank of Korea (BOK) plans to expand cross-border QR payment services mainly to Asian countries including Vietnam, Thailand, Singapore, and India. A Bank of Korea (BOK) official said, "Through this, customers will be able to use the service overseas easily and conveniently at low expense."