Aiming to Launch Payment Services for Foreign Visitors to Korea by 2027
Naver Pay (Npay) announced on the 25th that it had signed a Memorandum of Understanding (MOU) with BC Card and UnionPay to enhance domestic payment convenience for foreigners visiting Korea.
On the 24th, officials who participated in the business agreement ceremony for activating domestic payments of foreign visitors in Korea among Naver Pay, BC Card, and UnionPay at the BC Card headquarters in Jung-gu, Seoul, are taking a commemorative photo. From left to right: Sangjin Park, CEO of Naver Pay; Youngwoo Kim, President of BC Card; Huaozhong, Executive Vice President of China UnionPay; and Zhongbei, Vice President of UnionPay International. Naver Pay
The agreement ceremony was held the previous day at the BC Card headquarters in Jung-gu, Seoul, and was attended by Sangjin Park, CEO of Naver Pay; Youngwoo Kim, President of BC Card; Huaozhong, Executive Vice President of China UnionPay; and Zhongbei, Vice President of UnionPay International.
With this agreement, the three companies have decided to expand domestic payment service support for foreign visitors to Korea, leveraging each company’s payment networks, infrastructure, and technological capabilities. The related service is being developed with a target launch date set for next year.
Naver Pay will be responsible for developing and operating the service platform and payment infrastructure. BC Card will operate the payment merchant network and infrastructure. UnionPay will provide payment linkage infrastructure and technical cooperation.
The three companies plan to conduct joint marketing and promotional activities to boost service adoption after its launch.
CEO Park stated, “We will actively strive to create an environment where foreign visitors can enjoy even more convenient payment experiences.”
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President Kim added, “Based on close cooperation, we will support the stable establishment of payment services for foreigners and continue to collaborate on activating cross-border QR payments.”
This content was produced with the assistance of AI translation services.
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