Malaysians and South Koreans will soon be able to make cross-border QR payments for their purchases during their travels to the other country. This comes as South Korean payment processing company BC Card and Payments Network Malaysia (PayNet) enter a partnership to enable this development.

In a joint statement, BC Card and PayNet explained that there will be two phases to the collaboration; in the first phase – which is set to begin this month – South Koreans will be able to make QR payments in Malaysia via BC Card’s e-wallet and scan-to-pay service, Paybooc. Briefly, Paybooc was launched by BC Card back in April 2022, and taps into the near-field communication (NFC) technology to perform overseas payments through a user’s smartphone.

Meanwhile, the second phase will see Malaysians being enabled to pay for their purchases in South Korea via QR codes in the future. However, the exact timeline and specifics for this have not been revealed yet.

South Korean ambassador Yeo Seung Bae said that this initiative is intended to reduce the hassle and cost associated with currency exchange and credit card transactions, thereby enhancing convenience for both Malaysian and South Korean travellers. He also commented that this collaboration marks a historic milestone as it is the first time a South Korean financial institution has independently linked up with Malaysia’s national payment network.

“With the launch of the QR service, I hope that the trade of goods and people-to-people exchanges between our two countries will grow further, ultimately making our countries true partners in the financial sector. I also hope that the second phase of the QR service will be implemented quickly so that Malaysians can also enjoy easy payments in South Korea. Our embassy and the South Korean government are ready to assist,” Yeo further said.

Outside of this initiative, Malaysians are already able to pay using QR codes in South Korea via certain e-wallets like Touch ‘n Go (TNG) eWallet. Specifically, TNG eWallet taps into its collaboration with global cross-border mobile payment solutions provider AliPay+ to provide cross-border QR payments for its users.

(Sources: The Star, The Sun Daily)

• TAGS:
• BC Card
• BC Card Paybooc
• Cross-Border Payments
• Cross-Border QR Payments
• DuitNow QR Cross-Border
• Payment Network Malaysia Sdn Bhd
• PayNet
• Yeo Seung Bae