South Korea and India are preparing to introduce a QR code-based cross-border payment system later this year, according to Seoul’s top financial regulator.
Financial Services Commission (South Korea) Chairman Lee Eog-weon said on social media platform X that the system will allow citizens of both countries to make payments across borders using QR codes, with automatic currency conversion built into the service.
The planned system is expected to make cross-border transactions easier and significantly reduce commission fees, improving affordability for users.
Lee is currently accompanying South Korean President Lee Jae Myung, who is on an official trip to Vietnam for summit discussions following a recent visit to India.
The initiative builds on similar efforts by South Korea, which earlier this month launched a QR-based payment system with Indonesia, expanding its digital payment connectivity across Asia.
