Korea plans to roll out a QR code-based payment system in Indonesia by the end of 2024, expanding its digital financial infrastructure across Asia, The Korea Times has learned.
The initiative is led by the Korea Financial Telecommunications & Clearings Institute (KFTC), an organisation under the Bank of Korea responsible for supporting interbank payment systems and clearing services.
KFTC President Park Jong-seok, speaking at the Asian Development Bank (ADB) meeting in Milan this week, said Indonesia would be the first partner country to adopt the service.
The system enables mobile payments without relying on credit cards, reducing transaction costs for consumers and businesses.
It forms part of a broader effort to connect Korean financial institutions, including fintech firms, with overseas payment networks.
Park noted that direct mobile payments and cardless ATMs are becoming more common globally, and QR code-based solutions are central to that shift.
He added that collaboration with members of the Asia Payment Network will be crucial in expanding the reach of such services.
Vietnam has been identified as the next market for rollout, as KFTC aims to build a regional network for seamless digital transactions.
Featured image: Edited by Fintech News Singapore, based on image by user6724086 via Freepik
