Korea, India to launch cross-border QR code-based payment system this year: FSC chief

Lee Eog-weon, front row center, chairman of the Financial Services Commission (FSC), poses for a photo with other participants during a forum in New Delhi, India, Monday (local time). Captured from Lee's X social media post

Korea and India plan to launch a QR code-based cross-border payment system this year, Seoul's chief financial regulator said Wednesday.

In a post on social media platform X earlier in the day, Lee Eog-weon, chairman of the Financial Services Commission (FSC), said citizens from both countries will be able to make payments with exchanging currencies by using the envisioned service.

He is now accompanying President Lee Jae Myung, who is on a trip to Vietnam for summit talks after visiting India earlier this week.

The FSC chief said the QR-code payment system will reduce commission fees sharply.

Earlier this month, Korea and Indonesia launched a separate QR code-based payment system between the countries.

Source: Korea Times News