Global Tax Free Enters PG Business... Integrated One-Stop Process for Easy Payment and Tax Refund

[Asia Economy Reporter Hyungsoo Park] Global Tax Free (GTF), the number one tax refund company in Korea, is entering the electronic payment gateway (PG) business to strengthen competitiveness and improve profitability. They plan to build a one-stop process integrating simple payment and tax refund services to enhance competitiveness and diversify revenue.

GTF announced on the 14th that it completed registration for the electronic payment gateway (PG) business with the Financial Supervisory Service on the 13th.

Judging that the tourism industry will be revitalized with the transition to the endemic phase, they proceeded with PG registration. Recently, most countries have lifted legal quarantine regulations, increasing expectations for reopening.

Through entering the PG business, GTF will strengthen competitiveness by building a one-stop process integrating simple payment and tax refund services. A GTF official said, "We are maintaining a market share in the 60% range while preparing for reopening," adding, "In the second half of this year, we will solidify our market position through a one-stop process integrating simple payment and tax refund."

With the recent spread of fintech and simple payment, foreign tourists visiting Korea increasingly use mobile simple payments rather than cash or cards when shopping domestically. Among foreign tourists visiting Korea, Chinese tourists, who make up the largest proportion, mainly use mobile simple payments such as Alipay or WeChat Pay.

Jinwon Kang, CEO of GTF, said, "Entering the PG business is part of business diversification while preparing for the post-COVID-19 era, and along with the PG business, we plan to enter the global payment platform market through building our own platform in the future."

He added, "We will continue to invest in promising future growth businesses and diversify our business using surplus funds."

CEO Kang emphasized, "Since the beginning of this year, with reopening, the pent-up demand for overseas travel worldwide is exploding," and "Riding the global Hallyu syndrome and the greatly increased inbound tourism sentiment, we expect a rapid recovery of the domestic tax refund market in the second half of this year."