Ambassador of the Republic of Korea Yeo Seungbae (centre) at the launching ceremony with PayNet Group CEO Farhan Ahmad (left) and BC Card CEO Choi Won-seok
KUALA LUMPUR: South Korean payment processing company BC Card and Malaysia's national payments network Payments Network Malaysia Sdn Bhd (PayNet) are rolling out a QR payment service enabling South Koreans to make QR payments in Malaysia using the BC Card e-wallet app, Paybooc.
In a statement, the parties said the service will be available from June.
Meanwhile, a second phase of the service will allow Malaysians to make QR payments in South Korea.
According to the statement, the collaboration aims to reduce the hassle and costs associated with currency exchange and credit card transactions, significantly improving convenience for travelers.
The project is particularly meaningful as it marks the first time a South Korean financial institution has independently linked with Malaysia's national payment network, PayNet.
The Embassy of the Republic of Korea in Malaysia, which attended the launching ceremony of the collaboration, said it plans to continue providing necessary support to ensure the successful implementation of the second phase.
It said the launch of the QR payment service is expected to act as a catalyst in restoring the number of tourists traveling between the two countries to pre-pandemic levels.
"With the launch of the QR service, I hope that not only the trade of goods but also people-to-people exchanges between our two countries will grow further, ultimately making our countries true partners in the financial sector," said Ambassador of the Republic of Korea Yeo Seungbae in a speech.
