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S. Koreans to be able to use mobile payment services overseas

2019-05-21 3 Dailymotion

외국환거래법 시행령 개정안 등 국무회의 의결<br /><br />South Koreans will be able to use mobile payment services when buying goods overseas starting next week.<br />The cabinet today approved a revision to an ordinance that allows non-financial firms like fintech companies to provide mobile payment services abroad.<br />People will be able to buy things with mobile payment apps, such as KakaoPay,... at partner stores in Japan as well as Southeast Asia,... after pre-charging their accounts.<br />By using this method people can avoid paying about one percent of overseas transaction fees to global credit companies like Visa or Mastercard.<br />The finance ministry also expects the move to strengthen the competitiveness of the country's fintech industry. <br />

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