Payments Network Malaysia (“PayNet”) launched a first-of-its-kind partnership with BC Card, South Korea’s largest payment processing company. This partnership enables their clients to make QR payments directly using funds from home without the need for currency exchange or separate top-ups, and this partnership is a first for any South Korean financial institution with PayNet.
The first phase of the collaboration will allow visitors from South Korea to have access to DuitNow QR’s more than 2 million merchant touchpoints. This activation is timely as Malaysia had in 2023 received a total of 400,853 tourists from South Korea and is expecting more arrivals to coincide with Visit Malaysia Year 2026, contributing to the campaign’s target of 35.6 million international tourist arrivals. The second phase, where the Duitnow QR may be used in South Korea, is still being planned.
South Korea is a key market in digital payments growth. According to data released by the Bank of Korea, the total amount of payments made through mobile devices in 2023 reached KRW1.47 trillion (MYR5 billion), representing a 10.8 percent increase compared to the previous year. This accounted for 50.5 percent of the total payment volume, exceeding payments made through physical cards, which amounted to KRW1.44 trillion.
Malaysia will be the third Southeast Asian country after Indonesia and Vietnam, where BC Card users have this facility, thus enhancing the potential to build an ASEAN payment network for South Koreans.
Farhan Ahmad, Group Chief Executive of PayNet said, “As flights between Malaysia and South Korea increase, so will the need for simpler digital payment procedures to encourage spending among visitors from our two countries. We are pleased to have BC Card as a partner in our journey to develop a seamless and integrated digital payment experience for South Korean visitors to Malaysia. By advancing payment technology together, we are empowering individuals and businesses to thrive in a digital-first world.”
He added, “Through our joint effort, I look forward to seeing the rollout of the DuitNow QR in South Korea. This will contribute to PayNet’s ambition to become a globally admired digital payments company that pursues financial inclusion across the world.”
CHOI Won-seok, President of BC Card said, “Our aim is to eliminate borders so that the convenient payment solutions used domestically can be used anywhere in the world. We will lead the way in enhancing convenience for both domestic users and foreign visitors through the advancement of digital payment services and infrastructure expansion.”
YEO Seung-bae, Ambassador of the Republic of Korea to Malaysia, said, “Malaysia and Korea are close friends and important trading partners. With the launch of the QR service, I hope that not only the trade of goods but also people-to-people exchanges between our two countries will grow further ultimately, making our countries true partners in the financial sector.”
