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News

KEPF and GLN International establish QR payment infrastructure

Friday 25 August 2023 11:46 CET | News

Korea Easy Payment Foundation (KEPF) has signed an agreement with GLN International to introduce GLN cross-border QR payment.

The agreement’s objective is to establish a collaboration between ZeroPay with 1.72 million merchants and GLN with a global QR payment network, to increase domestic consumption of foreign visitors in Korea. The parties involved plan to promote GLN’s cross-border QR payment from three main regions, including Laos, Thailand, and Taiwan, within this year, while also expanding its coverage to other Southeast Asian countries and regions.

Korea Easy Payment Foundation (KEPF) has signed an agreement with GLN to introduce GLN cross-border QR payment.

KEPF’s representatives have stated that they are willing to advance foreign tourists to spend in Korea by adopting cross-border Q5 payments. It is expected that the move will help small and medium-sized merchants while revitalising the local economy.

GLN International unifies financial companies, distributors, and retailers into a single network, offering services such as QR payments, QR withdrawals (ATM), and overseas remittances freely through mobile without the limitation of national boundaries. Its officials recognise the importance of ZeroPay in realising their strategy for global payment expansion. With this agreement, the platform plans to contribute to local economies and SMEs. 

How can QR codes facilitate cross-border payments?

In order to increase customer loyalty, businesses must include in their offering a wide range of payment options, including real-time payments, automated billing, and BNPL. The COVID-19 pandemic influenced the way individuals pay, with digital and mobile wallets becoming more popular, decreasing the use of cash, credit, or debit cards.

QR codes can transform the financial industry, as traditional methods, including wire transfers and bank drafts, can be processes that are costly, slow, and prone to errors. By using them, merchants and consumers can scan a QR code to initiate a bank transfer overseas, as well as, at a point of sale, customers can directly use their smartphone or other device to complete a payment. The advantage is that the funds are transferred instantly and directly from the customer to the merchant, making the process of cross-border payments much easier for both parties involved.

Moreover, a study shows that approximately 86% of the global population already own a phone, which increases the opportunity for businesses to implement QR code technology. Underserved regions can also benefit from this, resulting in a more financially inclusive environment. 

ASEAN’s cross-border digital payment method

Through the standardisation of a digital payment system at a national level, Asian countries move towards implementing a regional system that can strengthen financial integration between states using digital technology.

Cross-border QR payment services can offer a faster, cost-effective, and more transparent method of cross-border payments, leading to improved tourism and trade, and increased financial integration in the region. Moreover, QR linkages decrease the need for an intermediary currency, therefore lowering costs, and supporting financial integration between nations. 

Source: Link


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Keywords: cross-border payments, QR code, QR payments, financial inclusion, digital payments
Categories: Payments & Commerce
Companies: GLN International
Countries: Korea, Democratic People's Republic of
This article is part of category

Payments & Commerce

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GLN International

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