Galaxia Moneytree Expands Overseas Remittance Partners for 'Convenience Store Payment' Service

[Asia Economy Reporter Hyunseok Yoo] Fintech specialist Galaxia Moneytree announced on the 20th that it has expanded its overseas remittance partnerships for the ‘Convenience Store Payment’ service.

The ‘Convenience Store Payment’ service is a payment method developed based on real-time prepaid payment technology. It is a unique payment method exclusively provided by Galaxia Moneytree. Recently, through contracts with Hanpass, Pinshot, and CrossENF, Galaxia Moneytree has extended the ‘Convenience Store Payment’ service to a total of five small-amount overseas remittance companies.

Starting with online shopping malls last year, the ‘Convenience Store Payment’ service began to grow rapidly thanks to a partnership with the small-amount overseas remittance company GMoneyTrans. As of the end of September, the transaction volume using ‘Convenience Store Payment’ via the GMoneyTrans app has grown approximately 450% compared to last year. Additionally, GME, which partnered at the end of last year, surpassed 10 billion KRW in transaction volume within six months, resulting in a total growth of 618% year-over-year for the ‘Convenience Store Payment’ service.

The overseas remittance convenience store payment method allows customers to select ‘Convenience Store Payment’ as their payment option when charging Korean won for overseas remittance through Hanpass, Pinshot, CrossENF, etc. Customers then visit a nearby convenience store (GS25, 7-Eleven, Emart24), present the barcode (PIN number) received via the app, and pay in cash to complete the charge. This payment method is growing rapidly due to its advantage of being available 24/7 at nearby convenience stores without the hassle of complicated authentication procedures or visiting a bank.

A company representative stated, “With the expansion of small-amount overseas remittance partners, we expect the transaction volume of ‘Convenience Store Payment’ to exceed approximately 55 billion KRW by the end of this year, which is six times higher than last year.”