Yi Whan-woo is a Korea Times journalist primarily covering finance. He writes in-depth articles on macroeconomy and financial markets and previously covered sports, politics, diplomacy and inter-Korean affairs, among others. Feel free to contact him at yistory@koreatimes.co.kr.
Korea to launch QR code payment service in Indonesia
Korea Financial Telecommunications & Clearings Institute President Park Jong-seok speaks during a meeting with reporters on the sidlines of the 2025 Asian Development Bank meeting in Milan, Italy, Tuesday (local time). Yonhap
By Yi Whan-woo
Korea will launch an easy-to-use QR code payment service in Indonesia this year, as part of efforts to foster its advanced digital financial services in Asia, according to the head of the Korea Financial Telecommunications & Clearings Institute (KFTC), Thursday.
Operating under the wing of the Bank of Korea (BOK), the KFTC is tasked with supporting efficient financial transactions across the relevant industries.
KFTC President Park Jong-seok, who accompanied BOK Gov. Rhee Chang-yong at the Asian Development Bank (ADB) meeting in Milan this week, highlighted Indonesia as the first partner country in Asia for a QR code payment system.
“We expect the service to start in Indonesia within this year, as we push to elevate the KFTC’s reputation and promote Korea's advanced financial system across Asia,” Park told reporters.
The QR code payment service will be part of the KFTC's broader goal to establish a linked network among Korean financial services companies, including fintech firms, and overseas payment institutions.
In particular, the institute seeks to build the network without using a credit card so that both corporate and retail customers can save costs.
“The global payment market is increasingly seeing direct links among involved parties through mobile payments,” Park said. “Under the circumstances, QR code payment and cardless ATMs are gaining ground, and that collaboration with member countries of the Asia Payment Network will be a key to expand relevant services.”
Park picked Vietnam as the next destination after Indonesia to introduce a QR code payment system.
He further addressed the KFTC’s ambition to expand cooperation beyond Asia, by referring to a memorandum of understanding signed between the institute and the National Bank of Georgia.
The agreement was signed on the occasion of the 2024 ADB meeting in the Georgian capital of Tbilisi.
Through the BOK’s knowledge exchange program, the KFTC will offer policy consulting beginning in June to help activate noncash payments in Georgia.