Korea’s BC Card starts QR code payment service in Malaysia

South Korea’s credit card issuer BC Card Co. introduced its QR code payment service in Malaysia through cooperation with the country’s national payments network to expand its businesses in Southeast Asia as part of its global push.

BC Card said on Monday it has launched Paybooc, its scan-to-pay service, in Malaysia utilizing the country’s QR code payment infrastructure Payments Network Malaysia Sdn Bhd (PayNet). PayNet, the largest shareholder of which is the country’s central bank, operates the national standard QR payment system.

The service allows South Korean customers to make payments with Paybooc in Malaysia while reducing the hassle and costs of exchanging currency and credit card transactions.

“(South Korean) customers will be able to make payments with QR codes and Paybooc money used at home,” BC Card said. “The service will cut losses from volatile foreign exchange rates and alleviate concerns over credit card cloning and privacy leakage.”

MALAYSIAN QR CODE PAYMENT SERVICE IN SOUTH KOREA

BC Card and PayNet agreed to work together in various businesses, such as launching a Malaysian QR code payment service in South Korea, extending scan-to-pay infrastructure and upgrading systems.

On the strength of the cooperation, the South Korean financial service provider aims to expand its global businesses, especially in Southeast Asia.

The company already provides payment services in Indonesia and Vietnam.

“BC Card is good at breaking down borders to enable payment methods in South Korea to be used anywhere in the world,” said BC Card CEO Choi Won-Seok. “We plan to keep expanding services so foreign visitors can conveniently use BC Card’s new payment infrastructure.”

Write to Hyeong-Gyo Seo at seogyo@hankyung.com
 

Jongwoo Cheon edited this article.