Soon, citizens will be able to spend easily in South Korea by scanning QR payments using the Paybooc application. This joint venture between BC Card and PayNet will simultaneously boost the payment methods of both countries without the need for currency exchange.
For the initial stage, the first phase starting this month allows South Koreans to make QR payments in Malaysia using the BC Card digital wallet application. Through the facility, it is reported that around 2 million stores are available with the access.
Meanwhile, in the coming period, the same benefits will be achieved by the people of the country after the implementation of payments using DuitNow QR is implemented in South Korea later.
With the entry of BC Card into the national market, it directly increases access to two-way transactions between the two countries. More interestingly, this will support the tourism agenda of both countries in stages.
For general information, as of 2019, Malaysia has received a total of 673,065 South Korean tourists and the figure will increase again in 2023 to 400,853 tourists after facing restrictions due to the effects of the COVID-19 crisis.
So through this payment access, it not only benefits the spending structure of both countries but also increases growth in various economic sectors.