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“TWQR” Launches in South Korea, Facilitating Cross-Border Payments for Taiwanese Tourists

13 Taiwanese Banks Join the First Wave of "TWQR" Implementation, Expanding Financial Cooperation with South Korea
South Korea
k 030200.KO Mid and Small Cap 2000
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BC Card, a South Korean financial services company owned by KT Corporation,  has officially launched Taiwanese QR payment method TWQR into South Korea, marking a significant milestone in cross-border financial transactions between Taiwan and South Korea. This development enables Taiwanese travelers, whether they are visiting for tourism, business, or education, to make payments effortlessly by scanning a QR code in stores displaying the “TWQR” logo, using their regular banking apps.

With the pre-COVID-19 annual mutual visits reaching up to 2.5 million, and South Korea becoming the third most popular overseas travel destination for Taiwanese in 2023, the introduction of “TWQR” is set to further enhance the financial payment exchanges between the two regions.

Lei Zhongda, Chairman of the Association of Banks, highlighted the geographical proximity and strong trade relationships between Taiwan and South Korea, expressing optimism for deeper financial cooperation and exchanges. The promotion of “TWQR” mobile payment services is just the beginning, with plans to include more financial institutions in the future.

The first group of banks to implement “TWQR” includes major names such as the Bank of Taiwan, First Bank, Mega Bank, and Yuanta Bank, totaling 13 participants. This initiative not only streamlines transactions for Taiwanese tourists in South Korea but also represents a step forward in the digital financial services landscape.

Yuanta Bank, with significant operations in South Korea through its subsidiary Yuanta Securities (Korea) and a local branch, takes a leading role in this initiative. The bank emphasizes the convenience “TWQR” brings to customers, eliminating the need for currency exchange or complex application processes.

This collaboration with “BC Card,” South Korea’s largest payment processing company, ensures extensive coverage, with over 110,000 partnered stores across various tourist attractions, including convenience stores, duty-free shops, and popular franchises like KFC. This move significantly enhances the consumption convenience for Taiwanese visitors in South Korea, paving the way for a more interconnected and efficient financial ecosystem between the two countries.

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