BC Card and PayNet Launch QR Payment Service for Cross-Border Transactions

In a significant development, BC Card from South Korea and PayNet Malaysia have launched a QR payment service, enabling South Koreans to make payments in Malaysia using the Paybooc app. This marks the first phase of the collaboration, with a second phase planned to allow Malaysians to make QR payments in South Korea.

Why this matters: This development has significant implications for cross-border financial transactions and tourism between South Korea and Malaysia. It could lead to increased economic cooperation and cultural exchange between the two countries, with potential benefits for businesses and individuals alike.

The new service, which began on June 3, 2024, aims to enhance convenience for travelers by reducing the hassle and costs associated with currency exchange and credit card transactions. South Korean Ambassador to Malaysia Yeo Seung Bae expressed optimism about the collaboration, stating, *"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, making our countries true partners in the financial sector in the long run. "*

This collaboration marks a historic milestone as it is the first time a South Korean financial institution has independently linked with Malaysia's national payment network, PayNet. The Paybooc app, developed by BC Card, will be used for QR payments in both countries, significantly simplifying the payment process for travelers.

The launch of this service is expected to boost tourism between South Korea and Malaysia, helping to restore pre-pandemic levels. In 2019, Malaysia welcomed 673,065 Korean tourists, which plummeted to 3,028 in 2021 following travel restrictions. However, with the easing of restrictions, arrivals rose to 400,853 in 2023. Similarly, Malaysian tourists traveling to South Korea saw a significant rebound, from 408,590 visitors in 2019 to 4,488 in 2021, and surged to 259,872 in 2023.

The second phase of the service, which will allow Malaysians to make QR payments in South Korea, is eagerly anticipated. Ambassador Yeo Seung Bae expressed hopes for its swift implementation, stating, "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." The implementation of the second phase is expected to further enhance trade and people-to-people exchanges between the two countries.

The Embassy of the Republic of Korea in Malaysia has pledged to provide necessary support for the successful implementation of the second phase. This initiative is expected to further enhance trade and people-to-people exchanges between the two countries, fostering greater cooperation.

BC Card's entry into Malaysia is seen as a strategic move that could pave the way for expansion into other Southeast Asian countries. Similarly, PayNet's partnership with South Korea is viewed as a foundation for growth into a global institution, potentially benefiting a broader range of travelers and merchants in the future.

The launch of the QR payment service by BC Card and PayNet marks a significant step in enhancing cross-border financial transactions, offering greater convenience for travelers and strengthening closer economic ties between South Korea and Malaysia.

Key Takeaways

• BC Card and PayNet launch QR payment service for South Koreans in Malaysia.
• Service aims to enhance convenience for travelers, reducing currency exchange and credit card transaction hassles.
• Second phase will allow Malaysians to make QR payments in South Korea, boosting tourism and economic cooperation.
• Launch expected to restore pre-pandemic tourism levels between South Korea and Malaysia.
• Partnership paves way for expansion into other Southeast Asian countries and global growth.