Gov't To Allow Non-financial Firms To Offer Mobile Payment Services Overseas

Fahad Shabbir (@FahadShabbir) Published May 21, 2019 | 05:13 PM

The Cabinet on Tuesday approved a revised ordinance that will allow non-financial firms, such as financial technology firms, to provide mobile payment services oversea

SEJONG, (APP - UrduPoint / Pakistan Point News - 21st May, 2019 ) :The Cabinet on Tuesday approved a revised ordinance that will allow non-financial firms, such as financial technology firms, to provide mobile payment services overseas.

Under the revision set to take effect from next Tuesday, South Korean people can buy things with mobile payment apps, such as KakaoPay and Naver Pay, at partner stores overseas, according to the Ministry of Economy and Finance.

The move comes as mobile payment apps such as Naver Pay and KakaoPay have been gaining ground in recent years in South Korea.

The ministry said the move could reduce transaction fees and strengthen the competitiveness of South Korea's fintech services.

South Korea's credit card issuers pay global credit card giants -- visa Inc. and MasterCard Inc. -- about 1 percent of overseas transactions in return for using their networks.