Fintech
Korean BC Card launches QR code payment service in Malaysia
PayNet Group CEO Farhan Ahmad (from left), Ambassador of the Republic of Korea to Malaysia Yeo Seung-bae and BC Card CEO Choi Won-seok take a photo at the launch ceremony of the issuer’s QR payment service of South Korean credit cards in Malaysia (Courtesy of BC Card)
South Korean credit card issuer BC Card Co. has introduced its QR code payment service in Malaysia through cooperation with the country’s national payments network to expand its business in Southeast Asia as part of its global push.
BC Card said on Monday it has launched Paybooc, its scan-to-pay service, in Malaysia using the country’s Payments Network Malaysia Sdn Bhd (PayNet) shared QR code payment infrastructure. PayNet, whose largest shareholder is the country’s central bank, operates the national standard QR payment system.
The service allows South Korean customers to make payments with Paybooc in Malaysia by reducing the hassles and costs of currency exchange and credit card transactions for the convenience of users.
“(South Korean) customers will be able to make payments with QR codes and Paybooc money used at home,” BC Card said. “The service will reduce losses resulting from exchange rate volatility and alleviate concerns about credit card cloning and privacy leak.”
MALAYSIAN QR CODE PAYMENT SERVICE IN SOUTH KOREA
BC Card and PayNet have agreed to collaborate in various activities such as launching Malaysian QR code payment services in South Korea, extending scan-to-pay infrastructure and upgrading systems.
The South Korean financial services provider aims to expand its cooperation-based global operations, especially in Southeast Asia.
The company already provides payment services in Indonesia and Vietnam.
“BC Card is effective in breaking down borders to allow payment methods in South Korea to be used anywhere in the world,” said Choi Won-Seok, CEO of BC Card. “We plan to continue to expand services in this way foreign visitors can conveniently use BC Card’s new payment infrastructure.”
Write to Hyeong-Gyo Seo a seogyo@hankyung.com
Jongwoo Cheon edited this article.